To promote investment in the region, the Community has, through the EAC Development Strategy, set out the priority programmes for the region focusing on macroeconomic cooperation; trade liberalisation and development; cooperation in infrastructure; the development of human resources, sciences and technology; and cooperation in legal and judicial as well as political affairs.
The Government of Burundi set up the Economic and Social Council, a consultative and advisory body with competence in all areas related to economic and social development. Burundi’s Poverty Reduction Strategy Paper launched in 2006 sets out bold poverty reduction objectives consistent with the government’s 2005-2010 priority program and the Millennium Development Goals (MDGs).
In Kenya, the Government formed the National Economic and Social Council in 2004, as an advisory body mandated to provide timely, accurate and independent economic and social advice with a view to improving the management of the economy.
The Kenya Vision 2030 is anchored on three pillars:
- Economic - Sustained economic growth of 10% per annum
- Social - A just and cohesive society enjoying equitable social development in a clean and secure environment
- Political - Issue based, people centred, results oriented and accountable democratic political system.
The Republic of Rwanda development roadmap, Vision 2020, identifies six ‘pillars’ on growth expectations namely: the reconstruction of the nation; an efficient State that unites and mobilises the people; human resource development; the development of basic infrastructure; the development of entrepreneurship and the private sector; and, the modernisation of agriculture and animal husbandry.
United Republic of Tanzania
Tanzania, under its Development Vision 2025, has identified the key objectives as achieving macroeconomic stability, attaining high levels of domestic saving and investment, broad-based human-resource development, and sustainable economic growth. It is also implementing its Poverty Reduction Strategy, which is aligned with the MDGs of the United Nations.
Private sector concerns are also addressed through the Tanzania National Business Council.
According to the Uganda Poverty Eradication Action Plan (PEAP) of 2000, the highest priorities for medium term expenditure are security, roads, agricultural research and extension, primary education, primary health, and water and sanitation. A Presidential Investor’s Roundtable chaired by the country’s president is in place to ensure that government policies keep the private sector at the centre.
The EAC developed Private Sector Development Strategy (PSDS) in 2006 which is still operational but is in the process of reviewing the PSDS. Avenues for increased private sector participation have been integrated in all sectors of the economy and private sector enterprises are investing in the communities through Corporate Social Responsibility. As a result, investments to the EAC region have improved significantly. EAC attracted Foreign Direct Investments inflow of US$ 7.09 billion in 2014, up from US$ 6.2 billion in 2013.