Three good reasons to invest in the EAC
• Market size and market access
When the process of regional integration is completed (expected by 2013), the East African Community(EAC) will offer investors the second largest single market in Africa, of around 100 million consumers,second only to Nigeria with its 137 million. A customs union protocol has already been implemented, as of 1 January 2005, and other steps in the integration process are to follow soon. Nor is the internal EAC market all there is to it. Through Kenya or Uganda, investors have access to the COMESA market of 385 million consumers and, through Tanzania, to the SADC market of 215 million. (COMESA is the Common Market for Eastern and Southern Africa and SADC the Southern African Development Community.)All three EAC partners also have preferential access to the EU market and qualify under the African Growth and Opportunity Act (AGOA) for access to the US market for a variety of products (see chapter I).
• Resources and opportunities
Many parts of the EAC offer soil and climate conditions ideal for a variety of agricultural products, including Tea, coffee, fruits, flowers and vegetables. Kenya’s recent track record in this area testifies to the potential for agricultural exports (see chapter III). In tourism, the EAC has enviable natural assets, above all in Tanzania, which has allocated 25% of its land to game reserves and national parks. The migration of enormous herds of wildebeest from the Serengeti plains to the Maasai Mara and back, between June And November every year is one of the best-known features of East African tourism. Somewhat less Known, and certainly less exploited, is the 2,000-kilometre coastline of the EAC. Other opportunities can be found in mining, manufacturing, infrastructure and services (see chapter III).
• An environment conducive to investment
Politically as well as economically, the EAC offers a stable environment, marked by democratically elected Governments, low inflation and steady growth. The region is well located for access to African markets,with Tanzania alone sharing its borders with eight other countries, as well as overseas markets, with a large number of airlines flying into Nairobi. The economy has been and is being liberalized in each of the three countries, with Uganda having moved the fastest and furthest. The Community shares a common culture, with English widely used in business, government and the judiciary. Kenya in particular also offers a skilled and enterprising workforce.
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