The East African Business Council (EABC) has signed a Memorandum of Understanding (MOU) with the Africa Global Chamber of Commerce (AGCC) to lure more investments from the United States of America into the EAC bloc.
During the signing ceremony, the Council reminded that U.S. foreign direct investment (FDI-stock) in Tanzania was USD 1.5 billion in 2019, making it the first recipient in East Africa.
Tanzania was followed by Kenya with USD 353 million, Uganda with USD 42 million, Rwanda with USD 11 million, and Burundi with 1 USD million.
The agreement outlines several areas of collaboration including showcasing trade and investment opportunities in the EAC bloc, industrial exchange programs & trade missions to the US, joint exhibitions & conferences, training programs & certifications.
The partnership is set to boost trade and attract more investments from the U.S. in industrial parks, special economic zones, export processing zone in EAC and unlock market access to the U.S. via the African Growth and Opportunity Act (AGOA), environmental & climate change innovations, and co-organizing the East African Business and Investment Summit 2022.