The Common Market for Eastern and Southern Africa (COMESA) Secretary General, Chileshe Kapwepwe says the intra-COMESA export trade has sustained a steady US$14 billion in its trade performance despite global economic challenges.
In a statement made available to ZANIS in Lusaka by COMESA Business Council (CBC) Communication team in Burundi, Ms Kapwepwe said while there was a slight decrease in overall trade figures, the region has sustained stability in key areas by demonstrating potential for growth, saying COMESA has shown resilience as well as adaptability in trade performance.
She noted that COMESA is well positioned to leverage its collective strengths that may address factors that currently affect global trade in addition to intra-regional trade.
Speaking during the 17th high level Business Forum held in Burundi, Ms Kapwepwe further highlighted that in order to enhance COMESA’s trade globally as well as within the region, there is need for concerted efforts by all institutions of COMESA such as COMESA Business Council (CBC) to increase COMESA trade through private sector growth.
“The current intra-COMESA trade level of 6 percent presents a significant opportunity for expansion. By focusing on trade barriers and enhancing regional cooperation,” she noted.
Meanwhile, in his address, Burundi, Prime Minister, Gervais Ndirakobuca who expressed happiness on behalf of Burundi to host the high-level business forum disclosed that COMESA underscores immense potential saying according to the COMESA 2023 report, COMESA’s combined population stands at about 640 million people while its Gross Domestic Product (GDP) is approximately USD$1.094 trillion United States Dollars.
Mr Ndirakobuca however, noted that unlocking this kind of potential requires deliberate efforts to overcome barriers to trade as well as investment flows that foster regional integration.
The Burundi Prime Minister also made emphasis on the need to harness agriculture’s full potential through development of resilient food value chains that can boost food security in the member states.
“Agriculture remains a cornerstone of the COMESA economy, contributing nearly 40% to the region’s GDP and employing over 60% of its population. Yet, as noted in the United Nations Food and Agriculture Organization (FAO) report, agricultural productivity in many COMESA countries remains below potential due to inadequate infrastructure, limited access to technology, and regulatory barriers,” he noted.
Earlier, COMESA Business Council (CBC) President, James Chimwanza stated that the forum which is being held under the theme, “Accelerating Regional Integration through the Development of Value Chains in Climate-Resilient Agriculture, Mining, and Tourism,” provides an opportunity for innovative discussions.
Mr Chimwanza said that the 17th high level Business Forum provides a platform for public and private stakeholders to engage in innovative discussions that will propel COMESA towards becoming a competitive as well as a sustainable Regional Economic Community.
