Zanzibar President Mwinyi Commends Richard Ngatia on EACCIA Leadership Role

In a gracious acknowledgement, President Dr. Hassan Mwinyi of Zanzibar extends warm congratulations to Richard Ngatia, former President of the Kenya National Chamber of Commerce and Industry, on his recent appointment as the head of the East Africa Chamber of Commerce, Industry, and Agriculture (EACCIA).

President Mwinyi affirms unwavering support for Ngatia and the newly constituted EACCIA board, pledging active collaboration in their regional initiatives.

The commendation took place during the Zanzibar business conference on December 15-16, 2023, at the Golden Tulip Hotel in Zanzibar. Hon Omar Said Shaaban, Zanzibar’s Minister for Trade and Industry Development, officially delivered President Mwinyi’s sentiments, marking the inauguration of the EACCIA Board and the unveiling of its strategic plan.

Ngatia, expressing gratitude to President Mwinyi, emphasized the potential of the East African Community (EAC) as a rapidly growing regional economic bloc. He highlighted the importance of public-private collaboration in tapping into the diverse opportunities offered by the African Continental Free Trade Area (AfCFTA).

“I wish to express gratitude to H.E. the President of Zanzibar Dr. Hussein Ali Mwinyi for hosting us on this remarkable island of Zanzibar, abundant with opportunities. The East African Community (EAC) stands as one of the fastest-growing regional economic blocs, characterized by a significant youth and urban population…” Ngatia said.

As Ngatia assumed leadership of the EACCIA from Hon Toufiq Salim TURKY, he outlined his commitment to advocating for tariff elimination and fostering harmonization of trade policies, standards, and regulations within the region. Ngatia stressed the need for collaborative efforts to fully unlock the potential of the Customs Union and Common Market.

“Collaborative efforts among governments, the business community, and the private sector are imperative to address regional challenges. EACCIA will advocate for tariff elimination and collaborate with regional government institutions to harmonize trade policies, standards, and regulations,” Ngatia noted.

Elizabeth Wasunna, Business Banking Director at Absa Bank Kenya PLC, the lead sponsor of the event, expressed pride in supporting initiatives promoting intra-African trade and AfCFTA development through strategic partnerships.

“As a Pan-African Bank that drives innovative solutions, we strongly believe in Africa’s immense growth potential. Looking at some statistics, today, Africa is home to a rapidly urbanizing population of approximately 1.2 billion people which is expected to rise to 2.5 billion by 2050…” Wasunna stated.

Wasunna detailed Absa’s commitment to providing innovative solutions for businesses, including support for cross-border trade, pre-shipment financing, and advocacy for the adoption of the Pan African Payment and Settlement System (PAPSS).

“As another example of how we support cross border trade, Absa is keen to support ongoing stakeholder efforts to adopt the Pan African Payment and Settlement System (PAPSS), which is a cross-border financial market infrastructure that facilitates payment transactions across Africa,” she added.

Concerning SMEs’ access to credit, Wasunna highlighted Absa’s partnership with the African Guarantee Fund for Small and Medium-sized Enterprises (AGF) to boost credit accessibility for local businesses. She emphasized Absa’s strong commitment to supporting women in business through initiatives like the SHE (See Her Empowered) Business proposition.

“Since the inception of the SHE Business account, we have opened close to 15,000 new business accounts for women, and have lent over KES 5.78 Billion out of the 10 Billion Kitty we launched for women in 2021…” Wasunna shared.

The SHE Business proposition aims to increase credit facilities for women, providing both financial and non-financial support. Since its inception, the initiative has opened thousands of business accounts for women, provided substantial loans, and partnered with the International Trade Centre to equip women entrepreneurs with new skills and international market connections.

“This proposition undoubtedly continues to give us an edge in the market,” Wasunna concluded.

The success of the Zanzibar business conference was attributed to the generosity of lead sponsors Absa Bank and Nation Media Group, along with other partners and esteemed delegates present. The event showcased a collective commitment to advancing regional economic integration and collaboration for the prosperity of East Africa.