After having lagged behind for very long, Africa has now taken off and is one of the fastest growing continents in the world. The growth is largely attributed to large amount of natural resources both human and natural. East African development in particular is where this unprecedented growth has been witnessed as all the five member countries have recorded positive economic growth basing on the World Bank reports.
The community consists of five countries which are Kenya, Rwanda, Tanzania, Burundi and Uganda. The economic survey of these countries gives a picture of countries that are quickly developing in all areas be it politically, socially or economically having emerged from colonialism in just a few years ago.
The discovery of large oil deposits in both Kenya and Uganda with more exploration going on tells a story when it comes to the increasing interest in this region. The countries are also blessed with many valuable minerals with large copper deposits coming from Uganda and diamond from Tanzania.
Kenyan capital Nairobi city for instance has in the recent past seen many multinational firms set up their headquarters as the operation centers targeting to serve Eastern and Central Africa market. Nairobi remains the regional economic hub while Rwanda on the other hand is the fastest growing nation.
Infrastructural development is also impressive. The governments have invested heavily to develop road network, modern railway and increase the capacity of the major airports. There is an ongoing drilling of Mombasa port (coastal city in Kenya) to increase the port capacity to handle bigger ships.
The integration of the countries within the region to form East African Community is at advanced stage. The last phases of the plan intend to have the member states operate with the single currency and a single passport. This will greatly boost trade within these countries in addition to making them tourist destination of choice.
Insecurity and terrorist threats however continue to hinder East African development as many tourists and international investors are scared away. The insecurity is particular as a result of porous borders that the countries in this community share with the politically unstable countries like Somalia. There has been an increase in smuggling of firearms through the porous borders of these countries causing serious insecurity challenges.
Very high population growth rate on the other hand does not auger well with this development plan. It leads to increased poverty levels, joblessness and other social evils. High rate of HIV infection in this region worsen the situation as they are part of the threats to economic growth in the region.
The huge agricultural potential in this region can be used as an opportunity to solve the concerns of joblessness. This is only possible with the adoption of appropriate technology that will allow for proper utilization of natural resources like many lakes and rivers in the region in addition to fertile lands, good climate and large markets in the developed countries to push East African development to the next level.
The community consists of five countries which are Kenya, Rwanda, Tanzania, Burundi and Uganda. The economic survey of these countries gives a picture of countries that are quickly developing in all areas be it politically, socially or economically having emerged from colonialism in just a few years ago.
The discovery of large oil deposits in both Kenya and Uganda with more exploration going on tells a story when it comes to the increasing interest in this region. The countries are also blessed with many valuable minerals with large copper deposits coming from Uganda and diamond from Tanzania.
Kenyan capital Nairobi city for instance has in the recent past seen many multinational firms set up their headquarters as the operation centers targeting to serve Eastern and Central Africa market. Nairobi remains the regional economic hub while Rwanda on the other hand is the fastest growing nation.
Infrastructural development is also impressive. The governments have invested heavily to develop road network, modern railway and increase the capacity of the major airports. There is an ongoing drilling of Mombasa port (coastal city in Kenya) to increase the port capacity to handle bigger ships.
The integration of the countries within the region to form East African Community is at advanced stage. The last phases of the plan intend to have the member states operate with the single currency and a single passport. This will greatly boost trade within these countries in addition to making them tourist destination of choice.
Insecurity and terrorist threats however continue to hinder East African development as many tourists and international investors are scared away. The insecurity is particular as a result of porous borders that the countries in this community share with the politically unstable countries like Somalia. There has been an increase in smuggling of firearms through the porous borders of these countries causing serious insecurity challenges.
Very high population growth rate on the other hand does not auger well with this development plan. It leads to increased poverty levels, joblessness and other social evils. High rate of HIV infection in this region worsen the situation as they are part of the threats to economic growth in the region.
The huge agricultural potential in this region can be used as an opportunity to solve the concerns of joblessness. This is only possible with the adoption of appropriate technology that will allow for proper utilization of natural resources like many lakes and rivers in the region in addition to fertile lands, good climate and large markets in the developed countries to push East African development to the next level.
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