BUJUMBURA, October 31, 2024 – The Common Market for Eastern and Southern Africa (COMESA) business community’s ambitious recommendations to regional leaders at the 23rd Summit of COMESA Heads of State, were noted. They emphasised the urgent need for digital financial inclusion, climate-smart agriculture, and harmonized mining regulations across the 21-member trading bloc.

The COMESA Business Declaration 2024, informed by the discussions and recommedations from the 17th COMESA Business Forum held earlier this week in Bujumbura, outlines comprehensive strategies to accelerate regional integration through sustainable value chains in key economic sectors.

In a significant push for digital transformation, business leaders urged member states to support the rollout of COMESA’s digital retail payment platform. The initiative, championed by the COMESA Business Council (CBC), aims to reduce cross-border transaction costs for micro, small, and medium enterprises (MSMEs).

The declaration places strong emphasis on climate-resilient agriculture, calling for increased investment in research and technology, while urging member states to reduce non-tariff barriers and implement integrated border management systems for perishable goods. “Enhanced supply chain efficiency and reduced transportation costs are crucial for regional food security,” the declaration stated.

Tourism development features prominently in the recommendations, with an innovative proposal to market COMESA as a single tourist destination. The business community advocated for improved regional flight connectivity and joint management of shared tourism resources, while emphasizing the need to leverage the region’s diverse cultural heritage and cuisine.

In the mining sector, the declaration pushes for transformation beyond extraction. Business leaders called for harmonised mining laws across the region and urged member states to develop programs supporting affordable finance for SMEs involved in mineral value addition.

The recommendations also addressed long-standing mobility challenges, with renewed calls for Member States to implement the COMESA Protocol on visa elimination and promote e-visa adoption to facilitate business travel.

The declaration – supported by partners including the Gates Foundation, Federation of German Industries (BDI), International Trade Centre (ITC), European Union (EU), United Nations Industrial Development Organization (UNIDO), African Trade and Investment Development Insurance (ATIDI), Government of the United Kingdom, Tunisia-Africa Business Council (TABC), and Afreximbank – represents a private sector-led vision for accelerating regional integration through sustainable and inclusive economic development.

Industry observers note that successful implementation of these recommendations could significantly boost intra-COMESA trade and strengthen the region’s position in global value chains.