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In a gracious acknowledgment, Zanzibar’s President, Dr. Hassan Mwinyi, lauded Richard Ngatia, former President of the Kenya National Chamber of Commerce and Industry, on his recent appointment as President of the East Africa Chamber of Commerce, Industry, and Agriculture (EACCIA). President Mwinyi expressed unwavering support for Ngatia and the new EACCIA board, pledging assistance in their endeavors.
During the Zanzibar business conference on December 15-16, 2023, at the Golden Tulip Hotel, Zanzibar, President Mwinyi’s sentiments were officially delivered by Hon Omar Said Shaaban, Zanzibar’s Minister for Trade and Industry Development, who also inaugurated the EACCIA Board and launched their strategic plan.
Ngatia, in his acceptance speech, expressed gratitude to President Mwinyi and highlighted the potential of the East African Community (EAC) as a rapidly growing regional economic bloc. He emphasized the importance of collaboration between the public and private sectors to tap into the numerous opportunities presented by the African Continental Free Trade Area (AfCFTA).
“I wish to express gratitude to H.E. the President of Zanzibar Dr. Hussein Ali Mwinyi for hosting us on this remarkable island of Zanzibar, abundant with opportunities. The East African Community (EAC) stands as one of the fastest-growing regional economic blocs, characterized by a significant youth and urban population…” Ngatia said.
As Ngatia assumed the EACCIA presidency from Hon Toufiq Salim TURKY, he outlined his commitment to advocating for tariff elimination and harmonizing trade policies, standards, and regulations within the region. Ngatia called for leveraging AfCFTA to expand trade beyond borders, establishing a robust foundation for collaboration and partnerships.
“Collaborative efforts among governments, the business community, and the private sector are imperative to address regional challenges. EACCIA will advocate for tariff elimination and collaborate with regional government institutions to harmonize trade policies, standards, and regulations,” Ngatia noted.
Elizabeth Wasunna, Business Banking Director at Absa Bank Kenya PLC, the lead sponsor of the event, expressed pride in supporting initiatives fostering intra-African trade and the development of AfCFTA through strategic partnerships.
“As a Pan-African Bank that drives innovative solutions, we strongly believe in Africa’s immense growth potential. Looking at some statistics, today, Africa is home to a rapidly urbanising population of approximately 1.2 billion people which is expected to rise to 2.5 billion by 2050…” Wasunna said.
Wasunna outlined Absa’s commitment to Africa’s growth potential and its role in providing innovative solutions for businesses of all sizes. She specifically highlighted Absa’s support for cross-border trade, including pre-shipment financing and the adoption of the Pan African Payment and Settlement System (PAPSS).
“As another example of how we support cross border trade, Absa is keen to support ongoing stakeholder efforts to adopt the Pan African Payment and Settlement System (PAPSS), which is a cross-border financial market infrastructure that facilitates payment transactions across Africa,” she added.
Addressing credit accessibility for SMEs, Wasunna detailed Absa’s partnership with the African Guarantee Fund for Small and Medium-sized Enterprises (AGF) to boost credit accessibility for local businesses, including start-ups. She also emphasized Absa’s strong inclination towards supporting women in business through initiatives like the SHE (See Her Empowered) Business proposition.
“Since the inception of the SHE Business account, we have opened close to 15,000 new business accounts for women, and have lent over KES 5.78 Billion out of the 10 Billion Kitty we launched for women in 2021…” Wasunna added.
The SHE Business proposition aims to increase credit facilities for women, providing both financial and non-financial support. Since its inception, the initiative has opened thousands of business accounts for women, provided substantial loans, and partnered with the International Trade Centre to equip women entrepreneurs with new skills and international market connections.
“This proposition undoubtedly continues to give us an edge in the market,” Wasunna concluded.
The success of the Zanzibar business conference was attributed to the generosity of lead sponsors Absa Bank and Nation Media Group, along with other partners and esteemed delegates present. The event showcased a collective commitment to advancing regional economic integration and collaboration for the prosperity of East Africa.