THE East African Business Council (EABC) has urged East African Community (EAC) member states to fast-track the review of the Small and Medium-sized Enterprises (SMEs) charter to empower women and youth entrepreneurs.
The EABC Chief Executive Officer, Mr John Bosco Kalisa, called for national SMEs strategies to be aligned and governments to offer special incentives to accelerate SME development and empowerment to trade.
“Youth, women and entrepreneurs should strive to be bankable by enhancing integrity, reliability and hard work,” Mr Kalisa said in his remarks during a regional workshop for SMEs, Women, and Youth Entrepreneurs held in Kigali, Rwanda.
The workshop was organised by EABC in partnership with GIZ- Support to East African Market-Driven and People-Centred Integration Programme II.
He said, SMEs should be empowered to trade under African Continental Free Trade Area Agreements (AfCFTA).
The CEO said in a statement recently that East Africans should enhance market intelligence and data on opportunities in other African countries, and enhance the aggregation of products to boost sustainability and reliability of supply.
Mr Lamech Wesonga, the Economic Policy Advisor on AfCFTA to the EAC said, EAC was the most proactive regional economic community in Africa having ratified and submitted tariff offers on AfCFTA.
He reiterated GIZ’s commitment to supporting the EAC governments and the private sector to champion the EAC integration agenda and AfCFTA.
Ms Pamela Maassay, former member of parliament at the East African Legislative Assembly (EALA), said difficulties in accessing finance, language barriers and un-harmonised business policies continue to hinder SMEs’ growth and expansion in the region.
She appealed to EABC to champion advocacy on the alignment of national policies and elimination of non-tariff barriers to improve the business environment.
Ms Mary Ngechu, EABC SME Goodwill Ambassador, said the EAC bloc needs an SME think-tank to foster the development of the sector and unlock challenges of quality, market access and trade requirements that youth, women and entrepreneurs face.
In his presentation on Kenya SMEs Index, Mr Victor Ogola, Deputy Chief Executive Officer, Kenya Private Sector Alliance (KEPSA) recommended a dedicated department within Revenue Authority dealing with specific Micro Small Enterprises tax regimes & compliance and designated SME locations/ zones, markets, worksites.
Regional workshop for SMEs, women and youth entrepreneurs convened over 30 experts from business membership organizations and SMEs from all East African countries.
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