EAC gears up for first Lake Victoria Basin Investment Forum
ARUSHA, Tanzania, August 31, 2010/African Press Organization (APO)/ — 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 1-5 December 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 1000 business and government leaders from the region and internationally.
As part of the Forum preparatory process, a planning meeting is due to be held in Arusha Friday 3 September, 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, namely; 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 (United Republic of Tanzania), national Investment Promotion Agencies and the Tourism Promotion Authorities of the Partner States, and the East African Business community.
Notes to Editors
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.
The Basin is estimated to cover over 194,000 square kilometres and boasts of a market potential of over 40 million people, with an estimated annual GDP of USD 40 billion and a wealth of resources of economic importance. This compares well with the overall EAC with a population of 120milliion and a GDP of USD 70 billion.
Despite the abundance of resources in the basin, poverty is high. This calls for increased synergies and cooperation towards achievement of the Lake Victoria Basin shared vision of a “prosperous population living in a sustainably managed environment providing equitable benefits and opportunities”.
The Capacity to increase production and income is achievable, with availability of the required skills, appropriate technology, support services and infrastructure to enhance productivity and equitable access to markets. The signing of the Common Market Protocol provides the opportunity to enhance the vibrancy of this economic growth zone.
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.
It is in line with this that the East African Community through the Lake Victoria Basin Commission is planning to hold an Investment Forum in the Basin with the aim of bringing together investors and potential investors within and outside the Basin.
The Forum shall offer an opportunity for the investors to reflect and realign themselves to the already operational East African Community Common Market Protocol.
SOURCE
East African Community (EAC)
