Business updates

Mr. Marday Venkatasamy, Chairman of the COMESA Business Council (CBC), presented for adoption the COMESA Business Declaration at the 22nd COMESA Heads of State and Government Summit, held on 8 June 2023 in Lusaka, Zambia.

The Declaration was adopted at the 16th Business Forum, which was organised prior to the COMESA Heads of State and Government Summit, on 7 June 2023 and themed “Economic Integration for A Thriving COMESA Anchored on Green Investment, Value Addition and Tourism”.

The COMESA Business Declaration calls for private sector development in the Region and aims at a strong collaboration between the COMESA Secretariat and the CBC.

Member States were also urged to implement the COMESA Simplified Trade Regime (STR) to promote cross border trade.

Small-scale cross border traders, including women and youth, will be able to benefit from the STR, while informal cross-border trade will be formalised, and the performance of cross border trade will improve.

Operators will be able to benefit from the regional preferential treatment when importing or exporting goods within the region.

The CBC Business Forum resolutions involved other aspects of the COMESA Region, which are crucial for a sound business climate.

Broad themes included digital financial inclusion, facilitation of implementation of product standards, combatting illicit trade, skills development, industrial and value-addition, and promoting the recovery from the Covid-19 pandemic through tourism.

The Summit also saw H.E. Mr. Hakainde Hichilema, President of the Republic of Zambia, take over chairmanship of COMESA from Mr. Abdel Fattah El-Sisi, President of the Arab Republic of Egypt.

Other Heads of State who spoke included H.E. Dr William Ruto, President of the Republic of Kenya; H.E. Dr Lazarus Chakwera, President of the Republic of Malawi; and H.E. Evariste Ndayishimiye, President of the Republic of Burundi who took over vice-chairmanship of COMESA.

Caption: Mr. Marday Venkatasamy, Chairman of the COMESA Business Council (CBC), presenting the COMESA Business Declaration at the 22nd COMESA Heads of State and Government Summit.