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                                                                                                                          newsletter
Issue #193 27th February 2009 2007
  Issue #126 - Friday 19 October




Opportunities for Investment still exist
despite Economic Melt down - Ngwenya
                                                                                                                          of Investment Dr George Buaring,
                                                                                                                          Uganda’s Minister of State for
                                                                                                                          Tourism, Trade and Industry
                                                                                                                          Gagawala Nelson Wambuzi,
                                                                                                                          Malawi’s Deputy Minister of Trade
                                                                                                                          and industry Ellock Noatcha Banda,
                                                                                                                          and Zambia’s Deputy Minister of
                                                                                                                          Commerce Trade and Industry
                                                                                                                          Richard Taima, The PTA bank
                                                                                                                          President Dr Michael Gondwe also
                                                                                                                          attended. Other COMESA institutions
                                                                                                                          that were reprented are The Africa
  from left: Mahmoud Mohieldin, Sindiso Ngwenya, Gagawala Nelson Wambuzi, Dr George Buaring and Richard Taima answering
                                                                                                                          Trade Insurance agency (ATI) and the
                                                questions from the audience




T
        he COMESA Secretary                                                                                               COMESA Clearing House
                                                                  markets, I would like to strongly
        General Mr Sindiso Ngwenya                                believe that there are still numerous
        has declared that the                                                                                             Mr Ngwenya pointed out that what
                                                                  opportunities for attracting
COMESA region still has a lot of                                                                                          is needed by individual countries and
                                                                  investment within the current
investment opportunities, Economic                                                                                        collectively, the COMESA region is
                                                                  economic climate” Mr Ngwenya told
Melt down not withstanding. He                                                                                            to ensure that the right policies are
                                                                  the 400 hundred delegates.
announced this at the just ended                                                                                          in place so as to attract investment
2nd COMESA Investment held at                                                                                             “ we need to put in place sound
                                                                  The Conference was organized by
the Fairmont Hotel, Cairo, Egypt                                                                                          macro-economic policies that would
                                                                  the COMESA Regional Investment
Wednesday ( 25th March 2009)                                                                                              not scare investors away. This
                                                                  Agency, under the patronage of
“Even though the world’s major                                                                                                                             to page 2
                                                                  Egyptian Ministry of Investment.
economies like the United States,                                 The COMESA’s
Europe and Japan may have                                         Secretary General
entered into a recession ( variously                              Mr. Sindiso Ngwenya
referred to as the “economic melt-                                also addressed the
down”, “the great crush”, etc), as                                meetings. It was
exemplified by factory closures, job                              attended by over
losses, the credit crunch and the                                 400 delegates
general financial crisis besetting                                from the region
the rich nations, with its spiral                                 including The
effect on developing and emerging                                 Sudanese Minister

                                                                                                                                                 www.comesa.int
from page 1
                                                                                    of December 2008, intra-regional
    Opportunities for Investment still exist trade amounted to well-over 7.6
                                             billion USD. This is a market which
    despite Economic Melt down - Ngwenya is still growing, especially as we
2

                                                                                    move closer to the declaration of a
    means that we have to have the right     where we have seen that quite a
                                                                                    COMESA Customs Union later in the
    foreign exchange policies, the right     sizable number of Kenyan firms
                                                                                    year” said Mr Ngwenya. “The regional
    fiscal and monetary policies and an      have moved into Uganda, Tanzania
                                                                                    market will be further consolidated
    overall economic environment that        and Rwanda to invest in light
                                                                                    once even a larger trading block is
    is competitive enough to be able         manufacturing plants, agriculture
                                                                                    established based on the Tripartite
    to attract investment to our region”     and tourism. The same can be
                                                                                    Summit decision of Kampala
    said Mr Ngwenya.                         said of Mauritius whose companies
                                                                                    October 2008, which envisions the
                                             have a presence in Madagascar
                                                                                    establishment of one regional trading
    He noted that the region is endowed      and the Seychelles, as well as in
                                                                                    block comprising COMESA, the
    with rich natural resources which        Mozambique.
                                                                                    East African Community (EAC) and
    remain largely unexploited. These
                                                                                    the Southern African Development
    include rich virgin land, soils,         Mr Ngwenya further pointed out
                                                                                    Community (SADC)” he added, noting
    underground and surface water,           that Egypt in particular has been
                                                                                    that over time this will lead to: speed
    minerals and energy resources, to        a big investor in a number of
                                                                                    up the regional integration agenda;
    mention only but a few. “ Hence, in      COMESA countries “In the case of
                                                                                    create a larger regional market ;open
    spite of the current global recession,   Egypt, we have also seen a number
                                                                                    up the investment space; harmonise
    there are still great opportunities      of Egyptian firms taking a keen
                                                                                    investment policies; and improve
    for investing in the COMESA              interest in countries south of the
                                                                                    business environment in the region
    region. There ample opportunities        Sahara, including countries such
    still for investing in such areas as     as Sudan, Ethiopia, Kenya and
                                                                                    Secretary General Ngwenya
    infrastructure projects in roads,        Zambia. “A classical example is
                                                                                    concluded by giving his interpretation
    ports, rail and mass transit,            that of El Sweedy, cable and motor
                                                                                    of the Theme of the conference and
    sustainable energy (wind, solar,         manufacturing company, which
                                                                                    the expected results .
    geothermal, carbon-capture and           has set up a manufacturing plant
    sequestration, and long-distance         in Zambia to take advantage of the
                                                                                    “The theme for this Conference is:
    power transmission grids), pollution     abundant copper resources as its
                                                                                    “Paving the road to COMESA.” I
    control, and water and sanitation.       raw material” he pointed out.
                                                                                    would like to understand this to mean
    Other areas include the agriculture,
                                                                                    that we should as a region, acting
    mining and tourism sectors, as well      Secretary General Ngwenya
                                                                                    collectively, to create conditions
    as the telecommunication sector”         reminded the gathering of some
                                                                                    that are conducive to attracting
    Secretary General Ngwenya pointed        achievements by COMESA including
                                                                                    investment, both domestic and
    out.                                     the COMESA established a Free
                                                                                    foreign, to the COMESA region.
                                             Trade Area in the year 200 that
                                                                                    Literally speaking, we should be able
    He informed the gathering that           has provided investors with a huge
                                                                                    to pave or construct a road that is
    already, there is an increasing          regional market. “Currently, there
                                                                                    visible to potential investors that they
    trend for companies based in             are 15 member States who belong
                                                                                    don’t have to go elsewhere. This no
    one COMESA country to invest in          to the FTA offering a market of over
                                                                                    doubt is a major challenge that out
    another COMESA country or other          400 million people and a combined
                                                                                    region faces up to the present time”
    neighbours. Adding that this is          regional GDP in excess of 18billion
                                                                                    he concluded.
    particularly the case in East Africa     United States Dollars. By the end

     www.comesa.int
In order to realize a growth rate of 7%, COMESA
 states must attract investments of not less than                                                                3
 25% of GDP, Mahmoud Mohieldin
                                     General Mr. Sindiso Ngwenya also     stated Mohieldin.
                                     addressed the meetings. It was
                                     attended by over 400 delegates       Mohieldin noted that these
                                     from the region including The        challenges stress the importance
                                     Sudanese Minister of Investment      of regional cooperation among
                                     Dr George Buaring, Uganda’s          COMESA countries and Africa
                                     Minister of State for Tourism,       in general in order to overcome
                                     Trade and Industry Gagawala          their negative effects, saying that
                                     Nelson Wambuzi, Malawi’s             COMESA states can participate
                                     Deputy Minister of Trade and         in luring big investments through
                                     industry Ellock Noatcha Banda,       which higher rates of growth and
                                     and Zambia’s Deputy Minister of      employment would be realized.
                                     Commerce Trade and Industry          Minister of Investment reviewed
                                     Richard Taima, The PTA bank          major fields through which the
          Mahmoud Mohieldin
                                     President Dr Michael Gondwe          COMESA states can achieve


E
       gyptian Minister of           also attended. Other COMESA          joint cooperation by liberating
       Investment Mahmoud            institutions that were reprented     trade, developing infrastructure
       Mohieldin has stressed        are The Africa Trade Iinsurance      and promoting investment based
the importance of COMESA             agency (ATI) and the COMESA          on technology thus stabilizing
Countries working together to        Clearing House. A number             economic growth.
jointly attract investment, noting   heads of investment authorities
that in order to realize a growth    in COMESA states, prominent          The Minister affirmed that in
rate of 7%, COMESA states must       investors, businessmen,              order to implement this vision,
attract investments of not less      leading investment companies,        an agenda must be put in
than 25% of domestic product         banks and representatives to         place for the COMESA states
through luring more foreign direct   ministries and government bodies     based on a number of axes
investment (FDI). He stressed        participated at the Conference..     such as, development of trade,
the importance of investing in       In his remarks Minister Mohieldin    investment, infrastructure,
ICT, and human resources in          reviewed the major challenges        dependence on science and
view to increase the region’s r      facing international economy         technology. “Integration and
productivity skills.                 in light of repercussions and        cooperation must be realized
Minister Mohieldin said this         impacts of the global financial      in all political, economic and
while inaugurated the Second         crisis on COMESA states. “This       commercial fields in order to
COMESA Investor Conference,          crisis was of serious impact on      implement this agenda,” revealed
held at the Fairmont Hotel, Cairo,   economies, minimized investment      Mohieldin.
Egypt Wednesday ( 25th March         opportunities and growth and
2009)                                decreased shares in the world        The Minister said that Egypt
                                     trade volume, particularly in        supports the attraction of
The Conference was organized by      view of the increasing changes       investments to COMESA states,
the COMESA Regional Investment       of international market towards      as a result he instructed the
Agency, under the patronage of       eliminating barriers and obstacles   Egyptian General Authority
Egyptian Ministry of Investment.     hindering movement of trading,       for Investment and Free Zones
The COMESA’s Secretary               services and share capital,”         (GAFI) to urge COMESA states
                                                                                                www.comesa.int
COMESA to launch
    In order to realize a growth rate of 7%, COMESA states....
                                                                      REPSS very soon
    from page 3
                                        African countries,
4
    to participate in its foreign


                                                                      C
                                        including COMESA
    promotion missions and make                                                OMESA will launch the single Regional
                                        states, enjoy promising                Payment and Settlement System
    coordination among COMESA
                                        opportunities in all                   (REPSS) in the coming 2 moths. This was
    states for the sake of collective
                                        fields of investment,         announced by the Executive Secretary of the
    promotion for investment across
                                        particularly agricultural     COMESA Clearing house Dr Kombo Moyana at the
    the world countries.
                                        investment. In                just ended 2nd COMESA Investment conference
                                        addition, they stressed       that too place in Cairo Egypt . He explained to
    Before inauguration of the
                                                                      the meeting that the money transfer system will
                                        the importance of
    conference, Investment Minister
                                                                      reduces the time, and taxation that were being
                                        benefiting from Egypt’s
    held a separate meeting with all
                                                                      incurred as a result of routing money transfers
                                        great potentials and
    the Ministers that attended the                                   within the region through the US and Western
                                        experience in this
    Conference, COMESA Secretary                                      European banks. It will also reduce interest
                                        sector.
    General and Representative of                                     that accrue to transactions such as those on
    COMESA specialized institutions.                                  overdrafts.
                                        Furthermore, COMESA
    During the meeting, Ministers                                     It will see the business of clearing money
                                        ministers and officials
    of Investment stressed the                                        conducted between 24-48 hours and will carry
                                        expressed gratitude to
    importance of cooperation                                         charges of between 1% - 4% of the total amount
                                        President Mubarak and         transferred as opposed to the international
    between COMESA states in
                                        Egyptian government           charges that go up to 10%.
    the fields of investment and
                                        for backing all initiatives   In addition the money transacted will remain
    trade, noting that attraction of
                                        calling for increasing        within the COMESA countries since the
    investments to them is important
                                        investments in Africa         transaction will go through the National Central
    in order to withstand the global
                                        and achieving the             banks. The Central Banks will be linked to a
    financial crisis and realize the
                                                                      central REPSS clearing house headquartered
                                        inter-African economic
    necessary growth for their
                                                                      at the Central Bank of Mauritius with back ups in
                                        cooperation, referring
    economies.
                                                                      South Africa, and Harare in Zimbabwe.
                                        to Egypt’s historical
                                                                        Dr. Kambo J. Moyana said money transfers
                                        and constant role in
    At the same meeting Minister                                      will be through SWIFT and XML standards.
                                        supporting Africa on all
    Mohieldin announced that Egypt                                    ferring to the current economic meltdown that
                                        political and economic
    will host the second Africa-China                                 has come about as aresult of western banks
                                        levels.
    Summit “Egypt will host the                                       that mismanaged savings, Dr Moyana told the
                                        In addition, ministers
    second summit of African-Chinese                                  gathering that the COMESA REPSS system will
                                        and representatives of
    relations, as it represents an                                    be much secure since it is guaranteed by Central
                                        COMESA states held            banks, “ you cannot get any more security than
    opportunity for showing various
                                        separate meetings             that provided by the Central bank” he assured the
    fields of investment in Africa,”
                                        with Egyptian investors       audience.
    announced Mohieldin. The
                                        and companies                 “ the current system where we have to go though
    Minister added that it was agreed
                                        operating in the fields       the US central banks is affected by among other
    with China, during the previous
                                        of construction, food         thing geographical factors such as time zones.
    conference, to establish five
                                        industries, tourism           Whereas the farthest distance in the COMESA
    investment zones in Africa.
                                                                      region is a difference of about 3 hours, the
                                        and financial services
    On their turn, COMESA ministers
                                                                      difference between us and the US is at time
                                        to discus available
    and officials noted that Egypt                                    minus seven hours. So when you are open they
                                        investment fields
    plays a key role in Africa as                                     closed and when you are closed they are open,
                                        in their respective
    it is the gate of Africa for the                                  this effects transaction time at time taking
                                        countries and the
    foreign world in the investment                                   as long as a week to receive your payment,
                                        COMESA region as a
    and trade fields. They said that                                  therefore increasing transaction cost, interest
                                        whole
                                                                      rates etc” said Dr Moyane
      www.comesa.int

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E Comesa Newsletter 193

  • 1. newsletter 1 newsletter Issue #193 27th February 2009 2007 Issue #126 - Friday 19 October Opportunities for Investment still exist despite Economic Melt down - Ngwenya of Investment Dr George Buaring, Uganda’s Minister of State for Tourism, Trade and Industry Gagawala Nelson Wambuzi, Malawi’s Deputy Minister of Trade and industry Ellock Noatcha Banda, and Zambia’s Deputy Minister of Commerce Trade and Industry Richard Taima, The PTA bank President Dr Michael Gondwe also attended. Other COMESA institutions that were reprented are The Africa from left: Mahmoud Mohieldin, Sindiso Ngwenya, Gagawala Nelson Wambuzi, Dr George Buaring and Richard Taima answering Trade Insurance agency (ATI) and the questions from the audience T he COMESA Secretary COMESA Clearing House markets, I would like to strongly General Mr Sindiso Ngwenya believe that there are still numerous has declared that the Mr Ngwenya pointed out that what opportunities for attracting COMESA region still has a lot of is needed by individual countries and investment within the current investment opportunities, Economic collectively, the COMESA region is economic climate” Mr Ngwenya told Melt down not withstanding. He to ensure that the right policies are the 400 hundred delegates. announced this at the just ended in place so as to attract investment 2nd COMESA Investment held at “ we need to put in place sound The Conference was organized by the Fairmont Hotel, Cairo, Egypt macro-economic policies that would the COMESA Regional Investment Wednesday ( 25th March 2009) not scare investors away. This Agency, under the patronage of “Even though the world’s major to page 2 Egyptian Ministry of Investment. economies like the United States, The COMESA’s Europe and Japan may have Secretary General entered into a recession ( variously Mr. Sindiso Ngwenya referred to as the “economic melt- also addressed the down”, “the great crush”, etc), as meetings. It was exemplified by factory closures, job attended by over losses, the credit crunch and the 400 delegates general financial crisis besetting from the region the rich nations, with its spiral including The effect on developing and emerging Sudanese Minister www.comesa.int
  • 2. from page 1 of December 2008, intra-regional Opportunities for Investment still exist trade amounted to well-over 7.6 billion USD. This is a market which despite Economic Melt down - Ngwenya is still growing, especially as we 2 move closer to the declaration of a means that we have to have the right where we have seen that quite a COMESA Customs Union later in the foreign exchange policies, the right sizable number of Kenyan firms year” said Mr Ngwenya. “The regional fiscal and monetary policies and an have moved into Uganda, Tanzania market will be further consolidated overall economic environment that and Rwanda to invest in light once even a larger trading block is is competitive enough to be able manufacturing plants, agriculture established based on the Tripartite to attract investment to our region” and tourism. The same can be Summit decision of Kampala said Mr Ngwenya. said of Mauritius whose companies October 2008, which envisions the have a presence in Madagascar establishment of one regional trading He noted that the region is endowed and the Seychelles, as well as in block comprising COMESA, the with rich natural resources which Mozambique. East African Community (EAC) and remain largely unexploited. These the Southern African Development include rich virgin land, soils, Mr Ngwenya further pointed out Community (SADC)” he added, noting underground and surface water, that Egypt in particular has been that over time this will lead to: speed minerals and energy resources, to a big investor in a number of up the regional integration agenda; mention only but a few. “ Hence, in COMESA countries “In the case of create a larger regional market ;open spite of the current global recession, Egypt, we have also seen a number up the investment space; harmonise there are still great opportunities of Egyptian firms taking a keen investment policies; and improve for investing in the COMESA interest in countries south of the business environment in the region region. There ample opportunities Sahara, including countries such still for investing in such areas as as Sudan, Ethiopia, Kenya and Secretary General Ngwenya infrastructure projects in roads, Zambia. “A classical example is concluded by giving his interpretation ports, rail and mass transit, that of El Sweedy, cable and motor of the Theme of the conference and sustainable energy (wind, solar, manufacturing company, which the expected results . geothermal, carbon-capture and has set up a manufacturing plant sequestration, and long-distance in Zambia to take advantage of the “The theme for this Conference is: power transmission grids), pollution abundant copper resources as its “Paving the road to COMESA.” I control, and water and sanitation. raw material” he pointed out. would like to understand this to mean Other areas include the agriculture, that we should as a region, acting mining and tourism sectors, as well Secretary General Ngwenya collectively, to create conditions as the telecommunication sector” reminded the gathering of some that are conducive to attracting Secretary General Ngwenya pointed achievements by COMESA including investment, both domestic and out. the COMESA established a Free foreign, to the COMESA region. Trade Area in the year 200 that Literally speaking, we should be able He informed the gathering that has provided investors with a huge to pave or construct a road that is already, there is an increasing regional market. “Currently, there visible to potential investors that they trend for companies based in are 15 member States who belong don’t have to go elsewhere. This no one COMESA country to invest in to the FTA offering a market of over doubt is a major challenge that out another COMESA country or other 400 million people and a combined region faces up to the present time” neighbours. Adding that this is regional GDP in excess of 18billion he concluded. particularly the case in East Africa United States Dollars. By the end www.comesa.int
  • 3. In order to realize a growth rate of 7%, COMESA states must attract investments of not less than 3 25% of GDP, Mahmoud Mohieldin General Mr. Sindiso Ngwenya also stated Mohieldin. addressed the meetings. It was attended by over 400 delegates Mohieldin noted that these from the region including The challenges stress the importance Sudanese Minister of Investment of regional cooperation among Dr George Buaring, Uganda’s COMESA countries and Africa Minister of State for Tourism, in general in order to overcome Trade and Industry Gagawala their negative effects, saying that Nelson Wambuzi, Malawi’s COMESA states can participate Deputy Minister of Trade and in luring big investments through industry Ellock Noatcha Banda, which higher rates of growth and and Zambia’s Deputy Minister of employment would be realized. Commerce Trade and Industry Minister of Investment reviewed Richard Taima, The PTA bank major fields through which the Mahmoud Mohieldin President Dr Michael Gondwe COMESA states can achieve E gyptian Minister of also attended. Other COMESA joint cooperation by liberating Investment Mahmoud institutions that were reprented trade, developing infrastructure Mohieldin has stressed are The Africa Trade Iinsurance and promoting investment based the importance of COMESA agency (ATI) and the COMESA on technology thus stabilizing Countries working together to Clearing House. A number economic growth. jointly attract investment, noting heads of investment authorities that in order to realize a growth in COMESA states, prominent The Minister affirmed that in rate of 7%, COMESA states must investors, businessmen, order to implement this vision, attract investments of not less leading investment companies, an agenda must be put in than 25% of domestic product banks and representatives to place for the COMESA states through luring more foreign direct ministries and government bodies based on a number of axes investment (FDI). He stressed participated at the Conference.. such as, development of trade, the importance of investing in In his remarks Minister Mohieldin investment, infrastructure, ICT, and human resources in reviewed the major challenges dependence on science and view to increase the region’s r facing international economy technology. “Integration and productivity skills. in light of repercussions and cooperation must be realized Minister Mohieldin said this impacts of the global financial in all political, economic and while inaugurated the Second crisis on COMESA states. “This commercial fields in order to COMESA Investor Conference, crisis was of serious impact on implement this agenda,” revealed held at the Fairmont Hotel, Cairo, economies, minimized investment Mohieldin. Egypt Wednesday ( 25th March opportunities and growth and 2009) decreased shares in the world The Minister said that Egypt trade volume, particularly in supports the attraction of The Conference was organized by view of the increasing changes investments to COMESA states, the COMESA Regional Investment of international market towards as a result he instructed the Agency, under the patronage of eliminating barriers and obstacles Egyptian General Authority Egyptian Ministry of Investment. hindering movement of trading, for Investment and Free Zones The COMESA’s Secretary services and share capital,” (GAFI) to urge COMESA states www.comesa.int
  • 4. COMESA to launch In order to realize a growth rate of 7%, COMESA states.... REPSS very soon from page 3 African countries, 4 to participate in its foreign C including COMESA promotion missions and make OMESA will launch the single Regional states, enjoy promising Payment and Settlement System coordination among COMESA opportunities in all (REPSS) in the coming 2 moths. This was states for the sake of collective fields of investment, announced by the Executive Secretary of the promotion for investment across particularly agricultural COMESA Clearing house Dr Kombo Moyana at the the world countries. investment. In just ended 2nd COMESA Investment conference addition, they stressed that too place in Cairo Egypt . He explained to Before inauguration of the the meeting that the money transfer system will the importance of conference, Investment Minister reduces the time, and taxation that were being benefiting from Egypt’s held a separate meeting with all incurred as a result of routing money transfers great potentials and the Ministers that attended the within the region through the US and Western experience in this Conference, COMESA Secretary European banks. It will also reduce interest sector. General and Representative of that accrue to transactions such as those on COMESA specialized institutions. overdrafts. Furthermore, COMESA During the meeting, Ministers It will see the business of clearing money ministers and officials of Investment stressed the conducted between 24-48 hours and will carry expressed gratitude to importance of cooperation charges of between 1% - 4% of the total amount President Mubarak and transferred as opposed to the international between COMESA states in Egyptian government charges that go up to 10%. the fields of investment and for backing all initiatives In addition the money transacted will remain trade, noting that attraction of calling for increasing within the COMESA countries since the investments to them is important investments in Africa transaction will go through the National Central in order to withstand the global and achieving the banks. The Central Banks will be linked to a financial crisis and realize the central REPSS clearing house headquartered inter-African economic necessary growth for their at the Central Bank of Mauritius with back ups in cooperation, referring economies. South Africa, and Harare in Zimbabwe. to Egypt’s historical Dr. Kambo J. Moyana said money transfers and constant role in At the same meeting Minister will be through SWIFT and XML standards. supporting Africa on all Mohieldin announced that Egypt ferring to the current economic meltdown that political and economic will host the second Africa-China has come about as aresult of western banks levels. Summit “Egypt will host the that mismanaged savings, Dr Moyana told the In addition, ministers second summit of African-Chinese gathering that the COMESA REPSS system will and representatives of relations, as it represents an be much secure since it is guaranteed by Central COMESA states held banks, “ you cannot get any more security than opportunity for showing various separate meetings that provided by the Central bank” he assured the fields of investment in Africa,” with Egyptian investors audience. announced Mohieldin. The and companies “ the current system where we have to go though Minister added that it was agreed operating in the fields the US central banks is affected by among other with China, during the previous of construction, food thing geographical factors such as time zones. conference, to establish five industries, tourism Whereas the farthest distance in the COMESA investment zones in Africa. region is a difference of about 3 hours, the and financial services On their turn, COMESA ministers difference between us and the US is at time to discus available and officials noted that Egypt minus seven hours. So when you are open they investment fields plays a key role in Africa as closed and when you are closed they are open, in their respective it is the gate of Africa for the this effects transaction time at time taking countries and the foreign world in the investment as long as a week to receive your payment, COMESA region as a and trade fields. They said that therefore increasing transaction cost, interest whole rates etc” said Dr Moyane www.comesa.int