The Commonwealth Enterprise and Investment Council (CWEIC) has set up its regional hub in Nairobi where Equity Group will be its anchor partner in a collaboration geared to place the region at the forefront of trade and investment.
CWEIC chairman Lord Marland of Odstock announced Equity Group CEO Dr James Mwangi as the Chair of the East and Central Africa hub.
“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,” he said.
CWEIC is a not-for-profit commercial organisation with a mandate from Commonwealth Heads of Government to promote trade, investment and the role of the private sector across the 56 member nations. There are 21 Commonwealth countries in Africa, and CWEIC presence on the continent is through a network of hub offices in key markets including in Cameroon, Ghana, and Nigeria.
CWEIC has signed up for the Group’s Africa recovery and resilience plan to implement initiatives that will encourage international investors and partners to capitalize on the opportunities arising from the Africa Continental Free Trade Area agreement within the region.
The Africa recovery and resilience plan is Equity Group’s social and economic transformation agenda which focuses on the continent’s comparative advantage in primary sectors such as agriculture and extractives and value addition through manufacturing.
The plan also seeks to enhance logistics, access to new markets through trade and investment, the strengthening of MSMEs that support local and regional supply chains, social and environmental transformation, and promoting a technology-enabled economy.
The bank has seeded the Africa recovery and resilience plan to the tune of US$6 billion.
Dr Mwangi has offered to utilize the new partnership to deepen commercial ties among economies in the commonwealth.
“By working together, we can accelerate the region’s growth by tapping into its key strengths, particularly its natural resources. The Commonwealth has 56 member nations, and the launch of the East and Central Africa Hub will allow MSMEs and other entrepreneurs to benefit,” noted Dr Mwangi.
Trade Cabinet Secretary Moses Kuria praised the efforts of the CWEIC and Equity Group in rallying the region to strengthen its unity and growth through trade.
“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
Mr Kuria added that the 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.