East Africa: Region Has Huge Investment Potential

editorial

It is pleasing to note that East African Community states chose to market themselves to the rest of the world as one investment destination.

Those who are yet to see the potential in unity need to look beyond their countries and see what a giant Europe has become after the formation of the European Union.

Countries like Turkey are now members of the European Customs Union and it is no wonder that Turkey markets itself as a powerful force because of its people.

It is therefore time up for Uganda and Kenya to stop squabbling over a small island like Migingo that is likely to blur the bigger picture of a unified East Africa.

It becomes easier to market the whole of East Africa as a unit. There is no sense in balkanised states. East Africa, with a combined population of 120 million, would attract any serious investor to the region, by just looking at the numbers.

During this time when the rest of the world is going through financial stress, it is opportune for Africa to showcase itself as the answer to investors who are wary of investing in Europe.

The rest of the world is looking at Africa as an answer to the financial stress experienced in developed economies. But strategic positioning will be most pertinent to attract Japan, China and the petroldollar countries to think about Africa. For example, with the imminent sea cable landing in Mombasa, why would America procure call centre services in India when East Africa speaks better English than our Indian brothers?

The forthcoming East African Investment Conference in Nairobi should be an opportunity for East Africa to market itself to the rest of the world that the answer lies in this region and continent. The task remains on the shoulders of the five investment authorities and the East African Community Secretariat to begin the marketing. These institutions have just three weeks to ensure that East Africa is viewed as a common investment destination for investors in markets that are now under distress. The media, too ought to offer the necessary support to make the conference a success.


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