Business updates

The 44th Meeting of the Intergovernmental Committee at the Mulungushi International Conference Centre in Lusaka, Zambia, which kicked off yesterday 21 November 2023, has set the stage for a new chapter of economic integration within the COMESA region.

The theme was "Economic Integration for A Thriving COMESA, Anchored on Green Investment, Value Addition, and Tourism”.

Mr Marday Venkatasamy, President of the COMESA Business Council (CBC), delivered an address, showcasing the organisation's major initiatives.

He underlined the proposed COMESA Business Visa Scheme, emphasising its goal to “accelerate intra-COMESA trade” by championing the free movement of businesspersons and goods, eliminating barriers, fostering seamless cross-border trade.

The President of the CBC also outlined the institution’s efforts to combat illicit trade through the development of a Regional Track and Trace System.

This strategic framework, detailed in the Regional Illicit Trade Report, seeks to coordinate anti-illicit activities within the COMESA region, ensuring fair competition and integrity in business transactions.

Shedding light on the CBC's collaboration with the International Trade Centre (ITC) to empower the private sector through market intelligence using the African Trade Observatory (ATO) portal, Mr Marday Venkatasamy emphasised how this initiative equips businesses with essential market insights, enabling them to make informed decisions and navigate the complexities of regional trade.

Providing an update on the ongoing Digital Financial Inclusion (DFI) Program, he highlighted its evolution into the third phase, noting, “Under the Digital Financial Inclusion program, the COMESA Digital Retail Instant Inclusive Payments platform is now in a crucial development phase, preparing for comprehensive testing through a customized Proof of Concept (PoC) for the Malawi and Zambia trade corridor. The PoC will evaluate the proposed solution's feasibility before full-scale implementation.”

It is worth noting that a DFI workshop held in Mauritius last month, with the collaboration of the Mauritius Chamber of Commerce and Industry (MCCI) brought together approximately 50 MSMEs, encouraging the use of digital financial technology and its adoption.

The CBC President pointed out the institution’s commitment, stating, “moving forward, we believe that the implementation of the CBC Strategic Plan 2024/2026 presents us with a landscape of immense opportunities and strategic direction. Our goal is to facilitate business growth and development in the COMESA region. The mission is to enhance the role of the private sector in deepening regional integration towards a unified continental market”, while detailing strategic pillars, including Business Policy and Advocacy, Business Development, Membership Development, and Institutional Development.