SMEs urged to pursue opportunities in EAC market

By Morris AronSmall and Medium Enterprises (SMEs) should take advantage of the opportunities presented by the formation of the East African Community with its of the 126 million population.Speaking at workshop to sensitise SME owners on investment trends across the region, and funding options available, trade experts called for a united approach to accessing the opportunities, preferably through a central body that brings together all the players. James Shikwati, the director of Inter Region Economic Network (IREN) — a think-tank that promotes ideas and strategies geared towards improving living standards in Africa — said the ball is in the court of owners of such business outfits to leverage on their own strengths, and those of their counterparts in the region, to expand."SMEs should focus locally, but think globally, especially on the opportunities and threats that have come with the EAC," said Shikwati"With an expanded market, and with the information technology revolution, the opportunities are immense," he added.The operationalisation of the EAC common market protocol in July this year, allows for free movement of goods, capital and services across the member states and eliminates barriers of trade, which had acted as a hindrance to regional trade.regional intra-tradeThough the movement of goods, capital and labour is yet to be fully harmonised, and all barriers eliminated, progress has been achieved in as far as opening up regional intra-trade options among the member countries.Apart from Tanzania, which is yet to fully do away with a number of fees and charges before goods and services are allowed to cross its border, the rest of the countries have already done away with the tariffs."It is though, for example, a united SME body that a lot more can be achieved especially in lobbying for greater penetration of the member countries, and the abolition of fees and taxes on goods," said an official from the Ministry of EAC who asked not to be quoted.Kenneth Onyando, GroFin country manager Kenya said the growth of SMEs is not being held back by the absence of capital, but by the slow pace of adoption of new ideas to expand trade regionally that is the biggest threat."SMEs across the region should learn to use new innovations such as those in information communication technology to grow to the next level," said Onyando. "SMEs should also leverage on the interconnectedness of the different players to cultivate and grow."

SMEs urged to pursue opportunities in EAC market

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