East African Community industrialisation policy 2012 – 2032:
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Date
2016
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East African Community
Abstract
The EAC Partner States, like many developing countries, aspire to transform their economies to a modern and industrialised status that can sustainably generate sufficient outputs to satisfy both domestic and export markets and rapidly increase per capita incomes to improve the living standards of their people. The industrial sector in the region has developed into one of the main components of national and regional economic structures. Currently, the contribution of manufacturing to GDP in East Africa is estimated at 8.9%, which is considerably lower than the average target of about 25% that all the five Partner States have set for themselves to achieve by 2032. The industrial sector has the potential to contribute significantly to the economy by creating jobs, stimulating the development of other sectors like agriculture and services, increasing foreign exchange earnings, and modernising the lives of people.
Industrialisation in the context of EAC depends on how the region strategically leverages the market created by the Common Market Protocol as a source or stimulus for demand, while simultaneously capitalising on opportunities created by the fast growing global and emerging markets for manufactures. The realisation of a fully functioning Common Market and the deepening of regional integration through a monetary union are crucial for providing the much needed impetus for industrialisation in the region.
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EAC strategy
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Citation
East African Community. (2016). East African Community industrialisation policy 2012 – 2032: structural transformation of the manufacturing sector through high value addition and product diversification based on comparative and competitive advantages of the region. East African Community