East African economic bloc tops others in trade diversity and real integration – Afreximbank Veep

Business News of Saturday, 1 July 2017

Source: 3news.com

2017-07-01

Afreximbank2Afreximbank’s current strategy is to support light manufacturing and commodity processing

Executive Vice President in charge of Governance of Afreximbank Dr George Elombi has said the East African Community stands out within the continent’s regional economic blocs for the diversity of its trade and for the level of integration of its members.

He said the two qualities demonstrate how dynamic intra-regional trade can enhance economic activity and bring people together. Speaking at the opening of a trade and investment exhibition to promote economic activities and deepen integration in Kigali as part of activities marking the 24th Annual General Meeting of the African Export-Import Bank, Dr. Elombi said that increased trade enhances business volumes and opportunities that help in mobilising capital to support long term investments.

“Long term investments would support industrialisation, which, in turn, can act as a buffer against external shocks,” he said.

He said that Afreximbank’s current strategy is to support light manufacturing and commodity processing in order to begin to give meaning to the need to transform the nature and structure of African trade.

The trade exhibition organised under the theme ‘Boosting intra-African trade for regional integration’ is a collaboration between the Rwandan Development Board, Ministry of Finance and the Ministry of Trade and Industry.

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