East African Business Week

ARUSHA, TANZANIA - Economies of the five partner states of the East African Community (EAC) have registered an average 5% annual GDP growth despite the inflationary pressures, an official of the EAC has said.
Rwanda had by 2010 the highest annual gross domestic product growth at 7.5%, Tanzania was at 7%, Kenya at 5.3%, Uganda at 5.2% and Burundi at 3.9%, according to the World Bank statistics for 2010.
"Despite the current inflationary pressures that the region is experiencing, on account of the rising world food and fuel prices and the threat of a global recession, the economies had registered on average 5% annual GDP growth compared to a world average of 3%," said the EAC Secretary General Dr. Richard Sezibera.
He told participants at the East African Investment Conference in Kigali, Rwanda last week that within this period the region can move from the current average 5% GDP growth to 10% or 12% and shift from current per capita income of an average US$300 to at least US$700-$1,000.
 "With a practical commitment, Rwanda has championed the need to lower the costs of doing business in our region and, on the whole, establish conducive environment for trade and investments in East Africa," noted Sezibera.
 He cited decisive interventions such as removal or reduction of the numerous roadblocks along East African highways; harmonization of axle load controls on East African roads; and other measures for elimination of Non-Tariff Barriers on which Rwanda has been very positive and supportive.
 "In a particularly bold and exemplary move, for instance, Rwanda has unilaterally relaxed work permit requirements for East African nationals," asserted the Secretary General.
Sezibera said within a relatively short time, since the East African Community was launched  in 2000, the regional organization  had transformed  from a loose co-operation framework into a fast emerging, solid and dynamic regional economic bloc. He said EAC has evolved strong institutions and vigorous programme delivery which are making an impact on the economies of the region.
 In real growth terms, Sezibera disclosed that the region's combined GDP has risen to currently $74.5 billion, up from $20 billion at the time of launching the EAC.