Arusha — Preparations are underway for the first-ever EAC Lake Victoria Basin Investment Forum, planned for later this year.

The Forum which is expected to bring together investors and potential investors from within and outside the region, aims to showcase the investment opportunities that abound in the Lake Victoria Basin.

The investment forum slated for December 1 -5, 2010 in Mwanza, Tanzania on the theme "Realizing Economic Benefits in the EAC Common Market through the Lake Victoria Basin", is expected to bring together 1,000 business and government leaders from the region and internationally. The Lake Victoria Basin Commission was established by the EAC as a key stakeholder to co-ordinate the different actors and interest groups in the LVB.

The EAC/LVBC in carrying out its mandate encourages all actors to build partnerships and work together in alleviating many of the constraints to economic development of the LVB. The Forum shall offer an opportunity for the investors to reflect and realign themselves to the already operational East African Community Common Market Protocol.

As part of the Forum preparatory process, a planning meeting was held on Friday 3 with high level representation from the East African Community organs and institutions, EAC Partner States and business leaders in the region. The key planning meeting objective is to interest potential partners for the first Lake Victoria Basin Investment Forum.

The Forum itself will revolve around five sectors; Transport and Communication, Tourism, Agri-business and Fisheries, Trade and Industry, and Research and Development. The event organizers are the EAC Secretariat, the Lake Victoria Basic Commission, the host Partner State (Tanzania), national Investment Promotion Agencies and the Tourism Promotion Authorities of the Partner States, and the East African Business community.

The Lake Victoria Basin was designated an important explosive economic growth zone of the East African Community. It is a transboundary resource and the most important shared resource of the five East African Community Partner States.