Posted on November, 17, 2022 at 08:47 am
The East African Community (EAC) must invest heavily in agriculture to cater to the growing demand for farm products.
Besides rising demand for food due to the vagaries of the weather, 70 percent of the region’s industries are agro-based.
This was emphasized last week during a high-level forum of business leaders and policymakers in the region held virtually.
The partner states were urged to review their agricultural development strategies in order to attract more investments.
The East African Business Council (EABC) chief executive officer, John Kalisa, said the sector saved the region from recession during the height of Covid-19.
The virtual meeting was held within the framework of Comprehensive Africa Agriculture Development Programme (CAADP) support for the EAC.
The agricultural sector in the EAC accounts for between 25 and 40 percent of the region’s GDP and employs over 80 percent of the population. However, Mr Kalisa said the sector was not attracting much investment to match its critical role in the economy and food security. The EAC countries were also urged to ensure their agricultural development programmes were compliant with CAADP principles and commitments.
In particular, the EAC partner states should enhance investment financing in agriculture “to boost food production, supply, and trade.”
This, the EABC boss argued, would in turn boost intra-regional trade in agricultural commodities and services. Mr Darbe Nouala, a senior official of the African Union (AU), urged the EAC partner states to invest more in climate resilience.
Dr Agnes Kalibata, President of the Alliance for a Green Revolution in Africa (AGRA), appealed to the EAC bloc to boost inter-continental investment “and mutual accountability.”
Jean-Baptiste Havugimana, the EAC secretariat’s director of productive services, said the EAC was committed to agricultural transformation plants.
However, he told the meeting that there were still some challenges that have impeded efforts to sustain stable food production systems.
Other speakers said that despite pockets of success, the EA’s agribusiness sector has hardly reached its full potential.
In some places, production is still struggling to meet rising local and export demand or to compete efficiently in a global marketplace.
Source: The Citizen