• COMESA is one of the regional economic integration groups, which aims to achieve economic integration.
• International Monetary Fund forecasts a rebound in the COMESA economic growth to 4.3% this year and 6% in 2022.
• The Heads of states summit is being Held under the theme: “Building Resilience through Strategic Digital Economic Integration,”
Common Market for Eastern and Southern Africa (COMESA) says Covid-19 challenges are a motivation for COMESA countries to continue working to deepen economic integration and create a conducive climate for the business community.
COMESA Secretary General Chileshe Kapwepwe said in a statement issued to Money FM News these challenges are also a motivation as they create a conducive climate for the business community and the private sector, intensifying efforts to boost joint investments in various infrastructure sectors, and most notably in telecommunications, transportation and energy.
Ms. Kapwepwe noted COMESA is one of the regional economic integration groups, which aims to achieve economic integration among the countries of the North, East and Southern Africa, through the establishment of a free trade area, followed by a customs union, and finally a common market among its member states.
She further pointed out that the International Monetary Fund forecasts a rebound in the COMESA economic growth to 4.3% this year and 6% in 2022, thanks to a worldwide economic recovery driven by vaccination efforts against the Covid-19 virus and a pickup in global demand.
Regarding the 21st Heads of State Summit in Egypt, Ms. Kapwepwe explains that “the summit comes at a very critical time, especially in light of the challenges presented by the Covid-19 pandemic on most of member states, whose economic performances have declined with the slowdown of the global economy.”
According to COMESA the Heads of states summit is being Held under the theme: “Building Resilience through Strategic Digital Economic Integration,”
The summit aims to rally the 21 member states on how to safeguard and advance the COMESA regional integration agenda using digital platforms to facilitate doing business and enhance their resilience to face the economic repercussions of the Covid-19 pandemic.
And Egyptian Minister of Trade and Industry Nevine Gamea says, “Egypt is one of the key economic forces in COMESA, having the largest share of intra-COMESA trade in 2020, with a total of $2.7 billion.”
According to the Minister, “COMESA is also a promising market for Egyptian exports, which accounted for 20% of exports within the bloc, worth $2 billion; while imports from COMESA amounted to $700 million.”
