East Africa's upward trajectory remains a focal point in the region's development, as experts highlight its potential as an investment-friendly environment. A commitment to improving trade conditions and fostering economic growth has been a key driver behind East Africa's ongoing success.In Tanzania President Samia Suluhu Hassan's approach has signified a significant departure from the policies of her predecessor and underscores Tanzania's commitment to creating a more attractive environment for the mining industry.One of the notable shifts in Hassan's government is her approach to mine nationalisation. While her predecessor had pursued a more confrontational stance, Hassan has adopted a pragmatic and realistic view. This shift is seen as a move towards a more collaborative and balanced approach, aiming to ensure a win-win situation for both the government and mining companies.Another critical aspect of the policy changes is the overhaul of taxation and permit systems. By reducing the tax burden on mining companies and streamlining permit acquisition processes, the Tanzanian government seeks to enhance the competitiveness of the country’s mining sector. These changes are aimed at making it easier and more cost-effective for companies to operate in the country, which is expected to attract more investment and stimulate economic growth.Duncan Bonnett, a partner at Africa House, highlights East Africa as a region teeming with major opportunities where governments are earnestly striving to instigate transformation. Notably, ongoing investments in critical infrastructure projects, including the construction of a crude oil pipeline and developments within the port sector, stand out as key drivers of growth and development in the region.More recently, the African Development Bank, through its New Partnership for Africa’s Development and Infrastructure Project Preparation Facility, approved a $1.4-million grant to the East Africa Community (EAC) for a feasibility study for the multinational Kenya/Uganda: Kisumu-Kisian-Busitema-Busia Expressway Project. This project is part of the Northern Corridor that runs from Mombasa to Burundi, Democratic Republic of Congo, Rwanda and Uganda through the port of Mombasa. It is the main corridor that transports the bulk of cargo that lands at the Indian Ocean ports inland to the five landlocked EAC partner states. Currently, the road sections forming the project consist of two-lane single carriageway bitumen sections that are heavily congested due to increased traffic movement for both cargo and passengers. This has resulted in increased travel times, which result in higher vehicle operating costs and costs of doing business. The objective of the feasibility study is to determine the economic viability of upgrading the existing multinational road sections from single carriageway to expressway standards.According to Patrick Mweheire, regional chief executive for East Africa at the Standard Bank Group, East Africa is poised to unlock new pathways for trade, development and growth. This, he says, comes as businesses, regulators and banks find and drive new direct investment, launch projects and close gaps to financial inclusion, providing a powerful tailwind for broader Pan-African trade.
