Experts attending the second high-level East African Manufacturing Business Summit and Exhibition (EAMBS) held in Rwanda’s capital city Kigali said Wednesday that innovation is key for the East Africa manufacturing sector to compete globally.

“We have to understand that our industries are operating in a global context, in an open globalized market place, and that is not going to change. We have to be innovative and work on our efficiencies. We should be able to produce high quality products that are competitive at international markets,” said Ali Mafuruki, board chair of Trade Mark East Africa.

He added that regional economies should strategically position themselves in the global business environment through producing locally made products that are price competitive.

Rwanda hosts the forum from May 23 to 25, 2017 dubbed “harnessing the Manufacturing Potential for Sustainable Economic Growth”.

The three-day meeting includes an exhibition where investors, enterprises, researchers and academia will collectively showcase new products and services as well as exhibit the latest advances in manufacturing technology and innovation, particularly those with relevance to Small Medium Enterprises.

Lilian Awinja, executive director of East African Business Council (EABC), called for innovative strategies that will raise competitiveness levels and expand the region’s manufacturing and export base.

“Innovations are now shaping the business environment. We need to add value to products produced in EAC. Our regional industries can now begin to raise manufacturing output and increase its share of global trade and production,” she added.

Mukhisa Kituyi, secretary-general of United Nations Conference on Trade and Development (UNCTAD) said manufacturing sector in East Africa needs to develop innovative approaches that are essential for local products to compete favorably at global markets.

“We should reduce the importation of cheap products from developed economies that may benefit local consumers but induce long-term challenges. East African economies should create a conducive business environment for doing business and encourage development of locally made products,” he said.

Kituyi said a competitive manufacturing sector encourages domestic and foreign investment, creates employment and improves a country’s balance of payments.

Currently, manufacturing accounts for 10 percent of the GDP in the EAC bloc.

More than 400 delegates are attending the regional event.

Source: Coast Week

Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of TradeMark Africa.