The annual High Level Common Market for Eastern and Southern Africa(COMESA) Business Forum was held today at Burundi’s capital, Bujumbura with calls for closer business ties across member countries.
It was noted during the meeting graced by Burundian Prime Minister Hon Marie Chantal Nijimbere that there was a slight decrease in overall trade figures, the region has maintained stability in key areas and demonstrated potential for growth.
“As the COMESA Secretariat, we shall continue to leverage the strength of the existing COMESA institutions such as CBC to increase COMESA trade through private sector growth and development,” noted the H.E Chileshe Mpundu Kapwepwe, the Secretary General to the 17TH COMESA Business Forum.
To increase COMESA’s trade globally and within the region, there is a need for concerted efforts by all Institutions of COMESA.
The CBC is expected to develop a regional Private Sector Development Strategy to guide the growth and development of the Private Sector in the COMESA region.
Data shows that intra-COMESA export trade held steady at US$14 billion in both 2022 and 2023, highlighting the strength of regional economic ties.
This consistency in intra-regional exports provides a solid foundation for future growth and deeper economic integration.
The current intra-COMESA trade level of 6% presents a significant opportunity for expansion
“By focusing on addressing trade barriers and enhancing regional cooperation, COMESA has substantial room to increase intra-regional trade, potentially matching or exceeding the performance of other Regional Economic Communities,” said Hon. Kapwepwe.
During the ongoing Summit, Kenya was elected Vice Chairman of COMESA with Burundi gunning the Chairmanship.
