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COMESA, ECOWAS agree on private sector development

COMESA, ECOWAS agree on private sector development
By Mutale Kapekele
Wed 10 Feb. 2010, 04:00 CAT

The Common Market for Eastern and Southern Africa (COMESA) has signed a memorandum of understanding with the Economic Community for West African States (ECOWAS) to enhance private sector development in the two regions.

According to a statement released by COMESA yesterday, the MoU is also meant to advance regional economic integration towards attaining the African Economic Community (AEC).

COMESA secretary general Sindiso Ngwenya and ECOWAS president Dr Mohamed Bin Chambas signed the MoU in Addis-Ababa, Ethiopia last weekend.

The MoU would provide the opportunity for member states to cooperate in various areas of mutual interest, including matters of inter-regional trade development and improving the livelihood of the region’s citizens, according to COMESA.

It is also expected that the visibility and participation of women in business would be advanced, as this is crucial to creating employment and increasing household income, while effectively contributing to economic growth and poverty reduction.

According to the MoU, member states would have an opportunity to share lessons and experiences and to collaborate in the establishment of common positions on matters of international trade and investment negotiations.

The MoU also provides member states with the occasion to develop and implement common intra-regional strategies and programmes.

Key areas of cooperation contained in the MoU range from private sector development, including women in business and small and medium enterprises, to enhancing agricultural development, food and nutrition security.

Furthermore, there is scope within the MoU for collaboration on diaspora engagement with emphasis on attracting investment and human resources to the region, as well as promotion of Public Private Partnership (PPP) to enable the implementation of bankable projects, especially those related to infrastructural development.

Labels: COMESA, ECONOMY, ECOWAS, SINDISO NGWENYA

posted by MrK @ 12:50 PM