The Secretary General of the East African Community Amb. Juma Mwapachu has indicated that the cross border movements of capital which will be brought about by the East African Common market will spur the growth of industrial sector in the East African Community block countries because of a bigger market.
He adds that East African countries have a well developed agricultural sector which will also help in the growth of industries by providing the needed raw materials.
The East African Common Market which will be operationalised on 1st July 2010 will allow free movement of labour and capital among the five East African community block Countries of Uganda, Kenya, Tanzania, Burundi and Rwanda.
Mwapachu appealed to all East Africans to embrace and exploit the opportunities available as a result of the East African Common Market for better livelihoods.
However, the real benefits of the East African Common markets are yet to be realized because it doesn’t totally allow free movement of people as East African will still need to carry their passports according to recent remarks by Uganda Minister of East African Affairs Eriya Kategaya.
Other East African countries are scared of East Africa’s industrial and commercial hub of Kenya because it’s financial and industrial power risks swallowing the financial, industrial and informal business sectors of all the other partner states of the East African Community. The Spokesman of the Uganda Kampala City Traders Association Issa Ssekito recently indicated that Ugandan traders are not prepared for the East African Common market because Kenyan traders will swallow their businesses.