SALUTATIONS

• E Gervais NDIRAKOBUCA, Prime Minister of Burundi
• Marie Chantal Nijimbere, Minister of Trade, Transport, Industry, and Tourism, Burundi
• Rhodine Sikumba, Minister of Tourism, Zambia
• E. Chileshe Kapwepwe, Secretary General, COMESA
• CBC Board of Directors
• CEO of COMESA Business Council
• Honourable Ministers from COMESA Member States
• Representatives from the European Union
• Senior Government officials
• Heads of COMESA Institutions
• Captains of the industry
• CEOs of Business Associations
• Members of CBC
• Distinguished Delegates
• Members of the Press
• Distinguished Invited Guests
• Ladies and Gentlemen

All protocols observed

Good morning to you all.

It is my distinct honour and privilege to welcome you all to the seventeenth (17^th) COMESA Business Forum being held on the eve of the 23rd COMESA Heads of State and Government Summit. I extend warm greetings to each one of you.

First and foremost, I wish to express my heartfelt gratitude to His Excellency, General Évariste Ndayishimiye, President of the Republic of Burundi, and his government for graciously allowing us to host this Forum in the beautiful city of Bujumbura. I would also like to take this opportunity to express our sincere gratitude to the Right Honourable Prime Minister Gervais NDIRAKOBUCA, who is representing the President, for taking time off his busy schedule to come and open this meeting.

Furthermore, I would like to acknowledge in a special way the presence of:

• H.E. Chileshe Kapwepwe, Secretary General of the Common Market for Eastern and Southern Africa (COMESA).
• Hon. Chipoka Mulenga, Zambia Minister of Commerce, Trade and Industry
• Hon. Marie Chantal Nijimbere, Minister of Trade, Transport, Industry, and Tourism of the Republic of Burundi

We greatly value your participation and contributions to this important Forum.

Distinguished Delegates, Ladies and Gentlemen,

This gathering builds on the success of the 16th COMESA Business Forum held in June 2023 in Lusaka, Zambia. We therefore continue to advance the progress which was made there, driving our shared vision for a prosperous and integrated COMESA region. Under the theme, “Accelerating Regional Integration through the Development of Value Chains in Climate-Resilient Agriculture, Mining, and Tourism,” this Forum provides a platform for public and private stakeholders to engage in innovative discussions that will propel COMESA towards becoming a competitive and sustainable Regional Economic Community.

Through a series of focused dialogues, this Forum should surely come up with recommendations to our Heads of State and Government on specific measures to address the challenges faced by our Member States, with particular emphasis on enhancing climate-resilient agriculture, advancing mining value chains, and expanding tourism. By fostering collaboration and innovation, we aim to strengthen our regional integration efforts and build a more resilient and prosperous COMESA.

Distinguished Delegates, Ladies and Gentlemen,

There are three disruptions that have affected the production of food as well as essential goods and services that need to be highlighted and factored in our proposed public/private way forward we are to share herein.

• Loss of oversight over hard-earned agricultural, mineral, and tourism wealth at the primary producer level.

Liberalization and Privatization resulted in public institutions that had control over the value chain in the interest of primary producers and the state pulling out, leaving the wealth to an unregulated “Private” Sector. Resultantly, these primary producers are at the mercy of cartels that offer unrealistic prices for their agricultural and mining products.

Liberalization took away information of how much was produced and acquired, removed quality control and value retention of the products, records of the gross revenue being transacted, as well as records of what is value added and what is exported. Cartels have a field day in most countries in our region to the detriment of the masses.

Resultantly, there is gross under declaration and collection of tax revenue. Further, there is no clear basis for tracking Forex in flow from the goods that the cartels export. Primary producers end up worse off year on year and governments continue to earn less and less revenue in taxes as well as forex.

Unless this oversight challenge is addressed, all efforts we are proposing here will not yield the desired results.

• Adverse Economic Effects of Conflicts in Eastern Europe and Middle East.

The seriousness of these conflicts inevitably shifts the priorities of our development partners from production of food as well as essential goods and services to defence. Shortages of food, and essential goods and services resulting from this disruption calls for our region to move fast to bridge not only the gap for our region, but also the gaps our development partners may experience.  We need a Public Private strategy on how to organize our rich human capital into economic cooperatives that will be quickly established, trained and empowered to work towards filling the gap.  This is an initiative which we can address in consultation with our development partners.

• Climate Change related Natural Disasters.

Recent Natural Disasters, especially cyclone related, have introduced heavy recovery costs for our development partners that reduce their capacity to extend development support to our region.

Distinguished Delegates, Ladies and Gentlemen,

With the foregoing preamble, I will proceed to provide a much-needed update.

From the outset, it is important to recognize that agriculture is undeniably a pillar and mainstay of our economies in the COMESA region, supporting the majority of our population and contributing substantially to our collective economic output. This sector is not only essential for food security but also a major driver of economic growth and a major source of livelihood for most of our citizens in the COMESA region. To ensure its sustainability and continued contribution to our economies, we must prioritize modernization and the adoption of environmentally friendly practices for the preservation of our environment for future generations. As we engage in discussions today, it is crucial to emphasize the importance of climate resilience in agriculture. By integrating sustainable approaches, we can safeguard our food systems and enhance our long-term economic stability.

Secondly, the mining sector offers immense potential, with our region being home to a substantial share of the world’s mineral reserves, including a significant portion of global diamond resources. To fully capitalize on this wealth, it is imperative that we prioritize stakeholder organization and move towards value addition processes through strong Private Public Partnerships (PPPs). Oversight that ensures that the wealth is accounted for and retained is imperative. This approach will help to translate our mineral assets into tangible economic benefits for our communities. Furthermore, incorporating climate-resilient practices in mining operations is essential to mitigate environmental impacts and ensure that our resource exploitation aligns with the sustainable development goals.

It is further important to note that tourism represents another vital area of economic growth, contributing significantly to global economic output and generating numerous employment opportunities. As a region, we have a unique opportunity to revitalize and expand our tourism sector. By leveraging the rich natural and cultural assets of our region, including our geographical features such as our beautiful lakes, mountains, and national parks, we can enhance our economic growth.

Distinguished delegates

Looking at other aspects of regional integration, digitalization is key in driving economic growth. As the COMESA Business Council, we have made significant strides in the implementation phase of the Digital Financial Inclusion (DFI) Program for MSMEs. We are building a digital retail payments platform, particularly addressing the unique challenges faced by women and youth in trade.

Accordingly, I would like to take this opportunity to call on all COMESA Member States to continue supporting the development and rolling out of the COMESA Digital Financial Inclusion Program that CBC has been working on in partnership with the COMESA Secretariat and other stakeholders. The payments platform will not only equip MSMEs with essential digital financial tools but also strengthen economic ties between COMESA Member States, advancing our broader regional integration goals. Allow me at this juncture to convey our gratitude to the COMESA Committee of Central Bank Governors (CCBG), COMESA Central Banks, the COMESA Clearing House, and the various stakeholders from the private sector in the region including Commercial Banks and non-banks that are working with CBC on this important initiative. We further extend our heartfelt gratitude to the Bill and Melinda Gates Foundation that is providing the financial and technical support for this programme.

Distinguished Delegates, Ladies and Gentlemen,

In addition to our flagship project on Digital Financial Inclusion, CBC is implementing several key initiatives to advance regional integration and economic growth. We have partnered with the Federation of German Industries (BDI) to enhance private sector participation and accelerate access to the African Continental Free Trade Area (AfCFTA) Agreement as well as to deepen their participation in the COMESA Free Trade Area and eventually the COMESA -EAC-SADC Tripartite Free Trade Area.

Additionally, CBC is conducting a series of capacity-building workshops for SMEs across the COMESA region. These workshops with the theme “Roots to Market: Enhancing Local Sourcing for Small and Medium Agro-Processors,” focus on equipping agro-food suppliers with essential skills and strengthening business relationships between SMEs and corporate entities. By addressing gaps in local sourcing, this initiative supports the growth and sustainability of SMEs throughout the agro-processing sector.

CBC, in collaboration with the EU Africa RISE program, is also tackling critical challenges related to illicit trade in the COMESA region. The absence of a comprehensive track and trace system has significantly contributed to the prevalence of illicit trade. To address this, CBC and EU Africa RISE are working to develop an effective regional track and trace system that monitors the supply chain of affected products, safeguards Member States’ revenues and addresses high levels of illicit trade across borders.

Finally, CBC is addressing language barriers that have restricted engagement in some Member States where English is not the official language. With support from the EU Technical Assistance Facility (EU-TAF), CBC is working to enhance trade understanding and regional economic integration by overcoming these barriers.

Distinguished Delegates, Ladies and Gentlemen,

Pursuant to the Decision of the Tenth COMESA Summit of the COMESA Authority of Heads of State held in Kigali, Rwanda on 3^rd June, 2005 for the private sector in the COMESA region to establish a COMESA  institution that would be the voice of the private sector and also implement Article 18 of the COMESA Treaty that establishes a consultative forum for the private sector and other interest groups, CBC continues to play an active role within its mandate alongside other COMESA Institutions aimed at supporting COMESA Member States in the attainment of the aims and objectives of COMESA. In line with the commitment to good governance, CBC successfully convened an Annual General Meeting (AGM) on 30th April 2024, during which new Board directors were elected and a revised constitution was adopted. This process adhered to the CBC’s established governance procedures, ensuring transparency, fairness, and inclusivity throughout the COMESA region. These developments reflect the COMESA Business Council’s continuous efforts to enhance good governance and institutional strengthening aimed at the effective discharge of its mandate. I would like to take this opportunity to encourage the business community in the COMESA region to join CBC as one of the ways of supporting COMESA Member States in the implementation of the COMESA Regional Integration Agenda for the benefit of COMESA citizens.

I am also pleased to inform you that CBC over the years has performed its function effectively through COMESA Business Forums such as this one and other dialogues that it continues to organize with the support of the COMESA Secretariat. I would therefore like to take this opportunity to extend our gratitude to the Secretary General of COMESA and staff of the Secretariat.

Being a Private Sector led Institution, CBC Membership is working hard to find solutions to its financial sustainability, and I would like to commend CBC Members for their financial subscriptions to the organization. I would therefore call on COMESA Member States to continue supporting CBC in the discharge of its mandate. I would also like to express our sincere gratitude to our partners. These include, the EU, USAID, the Bill and Melinda Gates Foundation (BMGF) as well as the Federation of German Industries (BDI).

Distinguished Delegates, Ladies and Gentlemen,

In conclusion, it is apparent that the private sector, as an engine for economic growth in COMESA, undisputedly has a pivotal role to play in driving the sustainable development agenda in the region.

This Business Forum will therefore serve as a crucial platform to address the challenges and opportunities in our region. We will explore strategies to overcome obstacles and capitalize on opportunities, with the goal of fostering smarter, more sustainable, and profitable businesses throughout COMESA and Africa.

In wrapping up, I urge everyone to take an active role and participate in this Forum. It is through such gatherings that we can arrive at decisions that are inclusive and representative of our growing economy.

Thank you all for your kind attention.

Click on the link below to download the speech

• Speech by President of COMESA Business Council