Commonwealth Partners With Equity To Promote Trade

By Soko Directory Team / Published February 23, 2023 | 2:40 pm

KEY POINTS

The current world economic order which was built in 1947 excluded African countries from the table. We have operated on a system that marginalized the continent. The twin tragedies of the Covid-19 pandemic and the current war in Ukraine have provided the opportunity for a global economic reset.

The Commonwealth Enterprise and Investment Council (CWEIC) has launched its East and Central Africa hub in Nairobi with Equity Group as its anchor partner.

CWEIC which is the Commonwealth’s business network will promote trade and investment by positioning the region strategically.

The Council will work closely with Equity Group to put in place initiatives that will encourage international investors and partners to capitalize on the opportunities arising from the Africa Continental Free Trade Area (AfCFTA) Agreement within the region.

While speaking during the official launch of the hub, Lord Marland of Odstock, Chairman of CWEIC announced Dr. James Mwangi, Equity Group Managing Director, and CEO as the Chair of CWEIC’s East and Central Africa Hub.

“The Commonwealth Enterprise and Investment Council look forward to extending its reach and impact within the East and Central African region. As a business network, we look forward to tapping into Equity Group’s extensive network within the region and the expertise of its leadership through Dr. Mwangi to build connections and partnerships for the business community from the Commonwealth member nations within the local markets.”

Currently, the CWEIC has a presence in the African continent through similar hub offices in Ghana, Nigeria, and Cameroon which also covers operations in Gabon. Other hubs around the world include the Australia hub which covers the Pacific region, Bangladesh, the UK, the Caribbean, and Singapore among others with additional representation in other countries across the world.

Speaking during the launch event, Dr. James Mwangi, Equity Group Managing Director, and CEO said, “I am honored to take lead in championing the work of CWEIC in the region through Equity Group as CWEIC’s anchor partner. CWEIC is an important partner for Equity Group as by working together we can accelerate the growth of the region by tapping into its key strengths, particularly in its natural resources. Commonwealth has 56 member nations and the launch of the East and Central Africa Hub will allow MSMEs and other entrepreneurs to benefit from the commonwealth and capital capacity of partners from the different member nations.”

Dr. Mwangi noted that CWEIC had signed up to partner with Equity in the implementation of the Group’s Africa Recovery and Resilience Plan which focuses on Africa’s comparative advantage in primary sectors such as agriculture and extractives, value addition through manufacturing, logistics, access to new markets through trade and investment, the strengthening of MSMEs who support local and regional supply chains, social and environmental transformation and promoting a technology-enabled economy. The Group has seeded the Africa Recovery and Resilience Plan with a USD 6 billion fund.

“The current world economic order which was built in 1947 excluded African countries from the table. We have operated on a system that marginalized the continent. The twin tragedies of the Covid-19 pandemic and the current war in Ukraine have provided the opportunity for a global economic reset. African economies are now proving that they can fill in the gaps to support global supply chains.” he added

Dr. Mwangi further noted that the partnership between Equity Group and CWEIC will ensure that East and Central Africa is at the forefront of the Commonwealth trade and investment agenda and promote the opportunities arising from the Africa Continental Free Trade Area (AfCTA) agreement.

The CWEIC is a membership organization that offers its members a platform to connect, create opportunities for business growth and catalyze change through the promotion of trade and investment globally. The regional hub will lobby with the relevant country authorities, organize business networking forums and trade missions and also advocate for ethical and sustainable investments through innovation and partnerships in the region.

The event was also graced by Cabinet Secretary Ministry of Industrialization, Trade and Enterprise Development, Hon. Moses Kuria lauded the efforts of the Commonwealth Enterprise and Investment Council and Equity Group in rallying the region to strengthen its unity and growth through Trade.

“The long-standing relationship between the Commonwealth and Kenya, as a member of the Commonwealth, provides strong foundations for the immense potential for trade within the Commonwealth. We are also delighted that the anchor partner for the CWEIC is Equity Group and together they will work to drive trade and investment and provide space for the private sector to government dialogue. I have studied the Africa Recovery and Resilience Plan and I agree that it provides a robust framework for putting our businesses and entrepreneurs on the global map. My challenge to Equity Group is that we need to work together to elevate it from being a regional plan into an African Union plan so that we can have the African continent working together.” said CS Kuria

CS Kuria also added that the Kenyan Government was keen on working closely with the private sector, the various chambers of commerce, and investment units in the region to position Kenya as a regional financial hub with impeccable infrastructure and policies that continue to position the country as a trade forward economy.

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