in the region by creating a borderless
economy that is sine quo non for
structural transformation, inclusive and
sustainable development. An interesting
feature of the intra-tripartite trade is that
it is dominated by trade in intermediate
products and manufactured goods thus
further confirming available evidence
that the region can serve as a basis
for industrialization anchored on
value addition.
Within the eastern and southern Africa
regions, there is a remarkable increase in
cross border investment in manufacturing,
trade in services – including logistics and
financial services – by companies that
are emerging as regional champions.
The regional trade and industrial policies
will further stimulate and enhance these
investments. It however acknowledged
that trade between African countries
and the rest of the world is dominated
by exports of unprocessed primary
commodities and imports of manufactured
products which brings me to the pillar of
industrial development.
Although the program for
industrialization pillar is still under
development substantial progress has
been made by COMESA, EAC and SADC
in coming up with regional industrial
policies and strategies which are under
implementation. Without physical
infrastructure connectivity and energy,
which is an enabler to development, our
countries will remain under developed.
To quote the famous Chinese saying: “if
you want to be prosperous build roads”.
Within the eastern and southern Africa
regions, there is a remarkable increase in
cross border investment in manufacturing,
trade in services - including logistics and
financial services.
Currently, mega investments are
taking place in infrastructure and energy.
Several States have, through innovative
means of financing, been able to issue
infrastructure bonds in domestic and
global markets to finance infrastructure
and energy projects. Two examples from
COMESA Member States illustrate this;
the financing of the second Suez Canal
amounting to Nine Billion Dollars was
raised from the domestic market in Egypt.
Equally, the Ethiopian Grand Renaissance
Dam which, when complete in 2017 with
6,000 megawatts of power will be the
biggest hydropower project in Africa was
funded by Ethiopia and a Diaspora bond
to the tune of US$ 4.4 Billion.
Standard Gauge Railways are being
constructed for the first time in the
region. This will replace antiquated
railway lines that were built at the turn
of the twentieth century. With these well
focused development models and a
young population, the African continent
is now the most attractive trade and
investment frontier. ■
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