This 17th COMESA Business Forum brings together political leaders and industrialists from the COMESA region to discuss the construction of stronger regional value chains in the areas of mining, the tourism industry and climate resilient agriculture.
According to the President of the COMESA Business Council (CBC), James Chimwaza, the participants will discuss ways and means of modernizing climate resilience in order to ensure the sustainability of agricultural production and the optimization of mining, in order to create added value through a public-private partnership.
The President of the COMESA Business Council, James Chimwaza, indicated that the development of these three sectors, namely agriculture, minerals and tourism, accompanied by quality control according to international standards, will contribute to meeting the challenges linked to climate change and conflicts in Eastern Europe and the Middle East, which impact the economies of the COMESA region.
The Chairman of the COMESA Business Council said the local cooperative system can address the challenges of conflicts, focusing on boosting production through the development of the ongoing digital payment system, within COMESA member countries.
On the subject of digital payments, the President of the COMESA Business Council, James Chimwaza, welcomed the willingness shown by the central banks of COMESA member countries, for the organization of capacity building and exchange of experiences sessions, as well as as the tripartite cooperation between COMESA, EAC and SADC for the development of SMEs.
COMESA Secretary General, Chileshe Kapwepwe, has pledged collaboration with the COMESA Business Council (CBC), to eliminate tariff and non-tariff barriers in COMESA member countries, such as visas, etc. in order to promote the movement of people, goods and services.
Chileshe Kapwepwe said the COMESA region is full of natural resources that can stimulate investors, as well as wonders that can develop the tourism industry. She specified that the private sector could also contribute to the development of the region.
Burundian Prime Minister Gervais Ndirakobuca, who opened this forum, was delighted that it was organized on the theme: “Let’s accelerate regional integration through the development of regional value chains, in the areas of climate-resilient agriculture. , mining and tourism.
According to Prime Minister Gervais Ndirakobuca, this is an opportunity for dialogue and collaboration, promoting economic growth and sustainability in the region through infrastructure development, agricultural transformation, development of the mining sector and tourism as well as in the fight against climate change.
COMESA is a Regional Economic Community, comprising 21 member states, with a combined population of over 640 million and a GDP of approximately US$1,094 billion.
These figures, taken from the COMESA Trade Report 2023, highlight the immense potential of our region, the Prime Minister noted.
To unlock this potential, the Burundian Prime Minister said it is necessary to deploy deliberate efforts to overcome obstacles to trade and investment flows, and promote regional integration.
Agriculture remains the mainstay of COMESA’s economy, accounting for nearly 40% of regional GDP and employing more than 60% of its population.
However, the FAO report highlights that agricultural productivity in many of the organization’s member countries remains below its potential, due to inadequate infrastructure, limited access to technology and regulatory barriers, informed Prime Minister Gervais Ndorakobuca.
Mining is another extremely promising sector. COMESA is home to a third of the world’s mineral reserves and two-thirds of the world’s diamond deposits. Despite this, much of this mineral wealth is exported in the form of raw materials, with little or no added value, he lamented.
According to the African Union’s report on the vision of the mining industry in Africa, the value of exported minerals could be multiplied by five by carrying out adequate beneficiation and processing on the continent.
The Burundian Prime Minister explained that this forum constitutes an excellent platform to explore how the community can collectively develop regional value chains, in the areas of agriculture, mining and tourism.
It is obvious that solving problems such as the infrastructure deficit, the harmonization of laws and regulations, as well as access to technology, is essential to achieve common objectives, underlined Burundian Prime Minister Gervais Ndirakobuca.
He indicated that as the African Continental Free Trade Area (AfCFTA) and the COMESA/EAC/SADC Tripartite Free Trade Area become fully operational, it is imperative that COMESA Member States position themselves to take advantage of take full advantage of this expanding market.
As they engage in these deliberations to propose measures towards the development of regional value chains in the areas of agriculture, mining and tourism, they could not ignore the importance of sustainability and resilience to the effects of climate change. Indeed, climate change continues to threaten the economies and livelihoods of the region, recalled the Burundian Prime Minister.
According to the Intergovernmental Panel on Climate Change (IPCC), sub-Saharan Africa is one of the regions most vulnerable to the effects of climate change.
Prime Minister Gervais Ndirakobuca pledged that Burundi would work in collaboration with all stakeholders to achieve these objectives. It recognizes that the success of these initiatives will depend on the participation of the public and private sectors, as well as the support of international partners.
2024-10-30 14:27:00
Interview: Time.news Editor and James Chimwaza, President of the COMESA Business Council
Time.news Editor: Good day, James! Thank you for joining us today. The 17th COMESA Business Forum is quite a significant event. Could you start by sharing what key outcomes you hope to achieve from this forum?
James Chimwaza: Thank you for having me! Our main goal for this forum is to foster collaboration among political leaders and industrialists to create stronger regional value chains in key sectors like mining, tourism, and climate-resilient agriculture. We are focused on modernizing our approaches to sustainability, ensuring we can optimize production while addressing climate change challenges and the economic impacts of conflicts in Eastern Europe and the Middle East.
Time.news Editor: That sounds ambitious! You mentioned public-private partnerships as a crucial strategy. Can you elaborate on how these partnerships will enhance the development of the agriculture and mining sectors?
James Chimwaza: Absolutely. Public-private partnerships are vital for driving investment and innovation. By bringing together the resources and expertise of the private sector with the regulatory support and infrastructure of the government, we can maximize the value chains in agriculture and mining. This means not just extracting minerals or producing crops, but also adding value through processing and quality control, ultimately benefiting our economies and communities.
Time.news Editor: Climate change is a pressing global issue. How do you see climate resilience being integrated into these sectors, and what strategies will you implement to achieve this?
James Chimwaza: Climate resilience will be integrated through sustainable farming practices, the adoption of climate-smart technologies, and resource-efficient mining operations. We will be discussing modern technologies and practices that can help mitigate environmental impacts during the forum. This includes everything from improved irrigation techniques in agriculture to minimizing the carbon footprint in mining activities.
Time.news Editor: Digital payment systems seem to be a point of focus as well. How can these systems boost agricultural production and support the economic development of COMESA member countries?
James Chimwaza: The development of a digital payment system is crucial for boosting production by providing farmers and businesses with easier access to financial services. This enhances market access, allowing local producers to sell their goods more efficiently. As we improve digital infrastructure, we’ll also facilitate information exchange and collaborative efforts among member countries, which is essential for supporting SMEs and driving overall economic growth.
Time.news Editor: I understand that the COMESA region is rich in natural resources. What are your thoughts on leveraging these resources to develop the tourism industry and attract investors?
James Chimwaza: The potential is immense. We have beautiful landscapes, diverse cultures, and a wealth of natural resources that can be harnessed to develop a vibrant tourism industry. By promoting these attractions and ensuring high international standards in service delivery, we can draw investors and tourists alike. Collaboration between the public sector, private sector, and local communities will be essential to ensure sustainable and equitable tourism development.
Time.news Editor: You’ve also highlighted the importance of reducing tariff and non-tariff barriers for trade within the COMESA region. Can you explain a bit more about why this is critical?
James Chimwaza: It is essential because these barriers often restrict the free movement of goods, services, and people, undermining economic growth. By facilitating easier trade and mobility, we foster a more integrated economic space that can better withstand external shocks. This is particularly vital for agricultural products, where timely access to markets can significantly impact profitability for our farmers.
Time.news Editor: as we look ahead, what do you see as the most critical challenge that COMESA faces in achieving its economic integration goals?
James Chimwaza: The biggest challenge is overcoming the regulatory and infrastructure barriers that have historically impeded trade and investment. Ensuring that member states work cohesively to align their policies and enhance infrastructure development is key. Engaging all stakeholders—from governments to communities—is essential for promoting a shared vision of growth and prosperity in the region.
Time.news Editor: Thank you, James, for sharing your insights on this vital forum and the transformative potential of the COMESA region. We look forward to hearing more about the initiatives that come from your discussions!
James Chimwaza: Thank you for having me! It’s a pleasure to discuss these important issues, and I look forward to our progress in fostering regional integration and economic prosperity.