Rt. Hon Rebecca Alitwala Kadaga the Minister of East African Community Affairs has said that the strategy for faster growth of the East African region lies in promoting the growth of sustainable Micro, Small, and Medium Enterprises (MSMEs).
Hon. Kadaga believes that if the MSMEs are supported, it will ignite trade in this unstoppable development of the entire region.
According to Kadaga, this can be done by providing enhanced business support, access to finance, encouraging and procuring locally manufactured products, and also identifying opportunities for upgrading entrepreneurs in the region.
Kadaga made these remarks while officiating the Uganda Day of the EAC MSMEs trade fair at Kololo independence grounds on Saturday.
She noted that industrialization in the context of the East African Community (EAC) region depends on how the region strategically leverages the market created by the common market protocol while simultaneously capitalizing on opportunities created by the fast-growing markets for manufactured goods.
“The realization of a fully functioning common market and the deepening of regional integration through a monetary union are crucial for providing the much-needed impetus for industrialization in the region,” Kadaga explained.
At this exhibition, the Kamuli district legislator was also cheerfully welcomed by several exhibitors during her tour of the stalls in a solar motor vehicle made in Katwe a Kampala suburb.
The 2022 edition of the EAC MSME’s exhibition is held under the theme “Buy East African, Build East Africa for Resilience and Economic Development” and it’s ongoing up to December 18th.
The main purpose of this exhibition according to organizers is to facilitate the formalization of informal sector activities within the East African region by allowing them to meet, share experiences, exchange business information and expand the markets for their products in order to exploit opportunities offered by the EAC common market.
In addition, such exhibitions help MSMEs to bridge the gaps in trade, culture, and social economic imbalances in the region and also expand investment opportunities for the region’s upcoming entrepreneurs.
This trade fair involves participants from all the eight member states of the EAC showcasing items majorly in agro-processing, leather, agro-mechanism, bakeries, furniture, mental fabrics, handcrafts, business services, and herbal products amongst others.
This trade fair was organized by the EAC in collaboration with the Ministries in charge of the East African Community in all member states, the private sector, and the confederation of SMEs amongst others.
In the last five years, the EAC MSMEs Trade fair has been hosted in Bujumbura, Kigali, Mwanza in Tanzania, and also in Eldoret Kenya.
