EABC’s Peter Mathuki on untapped investment opportunities in east Africa

East Africa, with its market of about 146 million consumers, holds immense potential for regional trade and economic growth. Despite the progress made by the East African community, there are still numerous constraints hindering the full realization of this potential. CNBC Africa recently spoke with Honorable Peter Matuki, the Executive Director and CEO of East African Business Council, to discuss the untapped investment opportunities in the region. Matuki pointed out that while the East African community is the fastest-growing regional economic block in Africa, there is much more that can be done to facilitate cross-border movement and trade flow. He emphasized the need for the elimination of non-tariff barriers and closer collaboration between the public and private sectors to drive growth and efficiency in the region. The key theme that emerged from the interview was the importance of enhancing regional integration to unlock the full economic potential of East Africa. Matuki highlighted the need for increased movement of people and goods across partner states, emphasizing the benefits of a borderless East African community. He stressed the untapped mineral and human resources in the region, calling for their strategic utilization to enable East Africa to compete not only within the continent but on a global scale. Additionally, Matuki underscored the significance of political and private sector cooperation in resolving issues and advancing the regional agenda. Key Points: 1. Enhanced Regional Integration: Matuki emphasized the need for greater cross-border movement and trade flow within the East African community to boost economic growth and efficiency. By addressing non-tariff barriers and strengthening public-private sector collaboration, the region can harness its full potential. 2. Untapped Resources: The region is rich in mineral resources and human capital, which remain largely underutilized. Matuki called for strategic investment in these resources to drive economic development and competitiveness within the global market. 3. Benefits of Integration: Realizing regional integration will not only stimulate business growth and human capital development but also streamline transactions and reduce costs through a single currency system. This will create a more conducive environment for investment and economic prosperity in East Africa. In a notable quote from the interview, Matuki highlighted the tangible benefits of regional integration, stating, "If we become more unified as a community, we are likely to see an increase in intra-trade within East Africa, leading to business growth and a more assured market for businesses within the region." He also underscored the potential for East Africa to become self-reliant and capitalize on its resources to drive sustainable economic growth. In conclusion, the untapped investment opportunities in East Africa present a promising outlook for the region's economic development. By prioritizing regional integration, leveraging resources effectively, and fostering collaboration between the public and private sectors, East Africa can position itself as a leading economic hub on the continent and globally.