Feb, 18, 2000: President Moi Highlights Regional Trade Agreements to Expand African Markets

President Daniel Arap Moi of Kenya told a group of 50 CCA members that "the evolution of sub-regional trading blocs has dramatically expanded the size of trading areas available, opening up new opportunities for investment for both internal and external actors." Speaking at a lunch sponsored by CCA Members Worldspace and Moving Water Industries on February 18, the Kenyan President outlined investment opportunities in Kenya and East Africa, and called for a mutually profitable expansion of economic relations between the U.S. and Africa.

"The picture of Africa as a continent of small, fragmented and uninteresting trade partners is quickly disappearing from the radar screen, replaced by sizeable African markets which should be more interesting to American investors. Africa has put in place the building blocks for a mutually beneficial trading relations with you, and today I am asking for your support."

Moi cited the achievements of the East African Community, which includes Kenya, Tanzania and Uganda as an example of these expanded markets. Already, the EAC has reduced tariffs, and introduced fully convertible currencies, harmonized standards and a common stock market. The abolition of internal tariffs and other barriers to trade and the application of a common external tariff for the region as a whole are the next steps in the EAC's attempt to improve the economies and the investment climate.

Noah Samara, CEO of Worldspace, introduced Moi and singled out Kenya's openness to new communications initiatives. The Kenyan Broadcasting Corporation was an early client of Worldspace satellite broadcasting, and Moi's government early on lowered tariffs on telecommunications equipment.