EA seeks new industrial policy
Regional industrialisation experts are converging in Bujumbura to formulate an action plan to implement the EAC industrialisation policy and strategy.
The plan will highlight the roadmap for implementing the first phase of the policy and strategy during the next five years. The meeting is seeking ways to develop self-sustaining and balanced industrial growth leading to the EAC attaining industrialised economic status by 2032.
Once the policy is in place, it will also create a competitive and dynamic industrial sector, fully integrated into the global economy.
EAC director of productive sectors, Dr. Nyamajeje C. Weggoro recapped the commitments made by partner states to cooperate in matters of industrial development.
“Presently, the contribution of the industrial base in East Africa is estimated at 19.2% GP, of which only 8.9% is generated from manufacturing,” he said.
The director noted that the level of contribution is low in relation to the average target of about 25% for all the partner states and in comparison to other industrialised states in Asia, Europe or America or even South Africa.
“Of course this is an ambitious target given that the leading economies in the world average, 20% with China at 21.7%, Germany 20.9% and Japan 20.1%,” he said.