Set up common FDI policy

Legislators want regional members to co-operate on foreign investment promotion to enhance economic development.Members of the East Africa Legislative Assembly said in a meeting that EAC members should create common foreign direct investment legislation to attract more investors to the one of the largest markets in the continent. The East African Community has a common market and a customs union protocols in place, which facilitate free movement of goods, services, labour and capital.Speaking at a seminar in Nairobi EALA legislators also urged members to cooperate in agriculture to boost food production. This should go together with hastening the implementation of the EAC Food Security Action Plan. The plan wants to ensure regional members attain food security in the near future. “Agriculture is central to the economies of Eastern Africa and is dependent on access to land and for this reason, strengthening of the national land and environmental policies and law is critical,” a statement issued at the end of the Policy dialogue on FDIs on Agriculture in Eastern Africa said. The meeting, organised by EALA and the Frederic Ebert Stiftung (FES) Kenya Chapter Office, was attended by Members of EALA’s Agriculture, Tourism, and Natural Resources Committee, representatives of National Parliaments from Ethiopia, Tanzania and Kenya and senior government officials from the ministries of Agriculture from South Sudan, Kenya and Tanzania. In the course of the meeting it became apparent that there was need to structure a policy and legal framework that would play a key role in guiding investments while lending crucial gains to improvement of rural livelihoods.It is thus vital to have necessary framework to spur FDI, which the dialogue learnt has the potential to create employment, generate capital inflows and facilitate technology transfer. The statement said participants of the meeting undertook to seek for the establishment of the EAC Food Security Commission to promote issues of food security in the region. They further called for the review and setting up of minimum conditions for land lease contracts.   Source the Citizen

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