The Finish government has expressed its commitment towards supporting the East African Community (EAC), noting that the significance of regional integration is not only for East Africans, but also an important source of growth for the continent as a whole.
Finish ambassador to Tanzania Pekka Hukka made the remarks in
Arusha when speaking soon after the EAC secretary general, ambassador Dr
Richard Sezibera received credentials from the envoy as Ambassador
Extraordinary and Plenipotentiary and Permanent Representative of his
country in the EAC.
Speaking at the function, Ambassador Hukka said his appointment was
out of his government’s commitment to deepen its cooperation with the
EAC, noting that the significance of regional integration is not only
for East Africans, but an important source of growth for the continent
as well.
Expressing his gratitude to the Finnish government for its dynamic
support to the EAC, the Secretary General shed light on the region’s
increased market size, which has led the Community to expand on
cross-border production chains.
Finland is a regular contributor to the Partnership Fund, a basket
fund which enables the Community to make significant achievements in
various sectors.
For many years the Finnish government has remained an important
partner in promoting regional and economic integration in East Africa.
For instance, in December 15, 2015, Finland and Trade Mark East
Africa (TMEA) sealed a pact for additional funding to further support
TMEA's work in enhancing trade across the East African Community for
increased prosperity in the region.
In the agreement, Finland supported TMEA with an additional euro2m (approximately 4.7bn/-) to TMEA activities in Tanzania.
The additional funding is intended to fill some funding gaps in the
implementation of TMEA's Strategy 1. They will help TMEA to achieve its
goals of enhancing trade and removing trade barriers more efficiently
than with their original budget.
The funds will be directed at enhancing one-stop border posts at
Holili, Mutukula and Kabanga and improving cross-border trade. The
logistics industry will also be supported to be organised more
efficiently.
At the moment, East Africa’s trade corridors are characterised by
long transit times and high costs. Freight costs per kilometre are more
than 50 per cent higher than costs in the US and Europe.
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