Kampala — Foreign direct investment (FDI) in the East African Community (EAC) member states has grown significantly from $629 million registered in 2002 to $1.7 billion in 2007.

The growth in foreign direct investment has been recognized as one of the achievements of the community that was revived ten years ago and is planning to celebrate its 10th anniversary this year.

"Investors have been looking at investing in the region where they are assured of the market of the region's 126 million people as opposed to individual states," said Uganda's Minister for East African Community Affairs Eriya Kategaya.

Kategaya was speaking ahead of the EAC 10th anniversary celebrations that were held in Kampala last week.

He also noted that total intra-EAC trade in 2007 had increased by 22.0%, reaching at $1, 973.2 million following the increase in both imports and exports during the year compared to the previous years.

He attributed the rise in intra-trade volumes to the increased economic activities between Kenya and Uganda. Kenya continued to dominate the trade within the region by accounting for 51.6% of the total volume.

Uganda accounted for 34.2% whereas Tanzania accounted for 14.2%.

He said Uganda's imports in the year 2007 in the region accounted for $526.5 million whereas exports accounted for $148.8 million. Kenya's imports in 2007 accounted for $188 million whereas exports accounted for $830.4million.

On the other hand, Tanzania's imports in the region in 2007 accounted for $110.1 million and exports accounted for $169.4 million.

Kategaya said since the signing of the treaty for the establishment of the EAC on 30th November, 1999, revenue collections among the member states has gone up since the establishment of the Customs Union.

He said the community has also succeeded in establishing the directorate of defence and security to protect the region.

Kategaya said the EAC is currently holding consultations on how to harmonize research in agriculture, how to establish a harmonized education curriculum and standardized syllabi.

He also said the East African Law Society has been fast and now they are pushing for cross-border practicing.

The 10th anniversary will be observed under the theme: 'East African Community 10 years of integration, one people, one destiny.".