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President Edgar Lungu said that COMESA heads of state should redouble their efforts to create dynamic economies that will have equitable economic benefits among regions and member states.
Speech at the official opening of the 20th Summit of COMESA Leaders President Lungu also said that while relying on markets outside Africa to provide finished products it was important for Member States to make the region a hub for manufactured goods.
President Lungu and other counterparts present sang a happy birthday song for President of Malawi, Peter Mutharika, who celebrated his birthday yesterday
Meanwhile, COMESA elected Chileshe Mpundu Kapwepwe as new secretary general. from membership to become one of the most populous regional economic organizations with members stretching from north to south, and among the eight pillars recognized for the process of economic integration from Africa. Our membership will grow and as we witness the admission of Tunisia and the readmission of Somalia, this will bring the number of members to 21. It is indeed a laudable and significant achievement that should be maintained. We can boast of having established a united and functional unified market since the creation of the COMESA Free Trade Area in 2000, which, along with several trade facilitation instruments, has contributed immensely to the continued flow of trade. trade in the COMESA region. We have worked tirelessly to establish a politically and economically stable regional environment and, as such, gained the trust of cooperating partners and investors, "said President Lungu
." In the future, we must maintain this leadership role and redouble our efforts to create dynamic economies with equitable economic benefits to be shared in the region and in our respective countries.I believe we have made the right decision to embrace the economy. digital era, as evidenced by the theme of this year's summit, technology has proven to be a critical enabler for accelerated growth and development, where the right institutions, resources and capabilities exist, so we have a challenge to to put in place the support structures and resources needed to ensure that our savings are not left behind in the digital age, "he said.
President Lungu said that creating an enabling environment that would allow the private sector to generate the funding needed to invest in value-added.
"Every man on the street deserves a means of sustenance, and it can only be through a collective effort that we can do it for an ordinary man or woman on the street. Our goal should not be just to help people get food, but to create a supportive environment that will allow our private sector to generate the necessary funding to invest in value-added and make our region a hub for people. manufactures. We can not continue to trade commodities between ourselves, while relying on markets outside the African continent to provide us with finished products from our own resources sourced from our region, "he said. One of the strong and influential regional economic communities on the African continent
"Today, COMESA is one of the most attractive investment destinations on the African continent. It is also notorious that COMESA has become one of the most powerful and influential regional economic communities on the African continent, with membership across the African continent. We can not continue to trade commodities between us, while relying on markets outside the African continent to provide us with finished products from our own resources from our region. I am certain and confident that during our two days of deliberations, we will come out of this badembly with clear political decisions to guide our technocrats in pursuing our process of regional integration. This is to ensure that COMESA continues to provide the leadership needed to advance Africa's economic aspirations. We can not afford to back down in our integration process. Our aim should be to move towards new economic trajectories that are less dependent on foreign capital and to place our region on the path of sustained and sustainable economic growth and development, "said the President. President Lungu
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COMESA outgoing secretary general, Sindiso Ngwenya, said COMESA's financial institutions had a combined balance sheet of more than one billion US dollars
"The The theme of the COMESA Summit on Digital Economic Integration is currently being implemented through several interventions that have already seen the digitization of COMESA's yellow card and the regional customs transit guarantee. In the coming months, Member States, with the support of the secretariat, will deploy the original digital certificate to name just a few. These trade facilitation instruments aim to reduce costs and improve competitiveness by creating a COMESA borderless economy through the use and application of communication technologies and technologies. 39, software applications, "Ngwenya said. more than one billion US dollars. They mainly provide funds to the private sector. This is the case of the Bank of Commerce and Development whose badets amounted to 5.2 billion US dollars in 2017, compared with 1.2 billion US dollars in 2012. The other institution, ZEP-RE (PTA Reinsurance), saw its stake increase 5 million US dollars in the early 1990s when it was established at 225 million US dollars in 2017 with operations in 55 countries in Africa and outside the African continent. Cumulatively, ZEP-RE has subscribed US $ 950 million in premiums and paid more than US $ 450 million in claims. With regard to the African Commercial Insurance Agency which badumes the political and commercial risks since its inception in 2000, the African Commercial Insurance Agency has been supporting business in the participating countries of the country. COMESA up to $ 35 billion and $ 2.4 billion. dollars. "
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