EAC members urged to remove bottlenecks obstructing industrial development

Seven member states of the East African Community (EAC) have been urged to remove restrictions and bottlenecks that obstruct industrial development in the region.

A statement by the EAC headquarters in Tanzania’s northern city of Arusha said the appeal was made during the 38th Extra Ordinary Meeting of the Sectoral Council on Trade, Industry, Finance and Investment dedicated to industrialization held in Tanzania.

According to the statement, the chairperson of the meeting, Burundian Minister of Finance, Budget and Economic Planning Audace Niyonzima, said industrialization, trade, finance and investment are important pillars of integration, and their development will help to deepen integration as the region moves toward the next milestone of financial integration.

Niyonzima called on EAC member states not only to put in place clear industrial policies and strategies but also to implement them on the ground to support economic development and employment for EAC citizens.

Jean Baptiste Havugimana, director of EAC Productive Sectors, challenged the EAC member states to adopt revolutionary and innovative approaches to implementing industrial policies if the anticipated economic growth in the region was to be achieved.

“As a region, we are not doing well in meeting the aspirations of the regional industrial policy targets,” said Havugimana.