East African business lobby seeks ties with China to boost competitiveness

2020-11-19 16:05:39 GMT2020-11-20 00:05:39(Beijing Time) Xinhua English

NAIROBI, Nov. 19 (Xinhua) -- The East African Business Council (EABC) said Thursday its pursuing partnerships with Chinese firms in order to boost the competitiveness of the region.

Peter Mathuki, CEO of the EABC told Xinhua in Nairobi that companies in East Africa face great competition from goods produced in regions that have advanced industrial technologies.

"The East African business community is seeking to forge partnership with Chinese in order to benefit from the latest innovations required to compete favorably in the international market," Mathuki said during a forum on the African Continental Free Trade Area.

EABC is the apex business lobby for the private sector in Kenya, Uganda, Tanzania, Rwanda, Burundi and South Sudan.

Mathuki revealed that globalization and liberalization of economies has resulted in the growing importance of collaborations across different regions.

Mathuki said the region will benefit from the close commercial and cultural ties between China and East Africa.

He observed that China has played a significant role in modernizing roads, rail and energy sectors in the region.

"The regional infrastructure projects that helped to fast track the pace of regional integration through reducing the cost of logistics," Mathuki noted.

The regional business lobby is also keen to attract more Chinese firms to establish their presence in East Africa.

"We have abundant raw materials that can be processed into finished goods for sale across the world," Mathuki added.

He revealed that Chinese firms with a local presence will provide employment opportunities as well as skills for our youth. Enditem