Participants at a meeting in Abidjan, Cote d’ Ivoire, validate the draft document on ECOWAS Investment Code and Policy for the region
ORGANISED private sector and other stakeholders in the West Africa sub-region have validated the draft ECOWAS Investment Code and Policy, with minor amendments. The validation is one of the key steps towards the adoption of the instruments necessary for the effective implementation of the regional Common Investment Market, ECIM. The adoption of the policy document will remove obstacles to doing business and provide efficient and effective regulatory framework to promote healthy competition and growth of the private sector in the region.
At the end of a three-day meeting in Abidjan, Cote d’Ivoire on Saturday, April 5, called to incorporate their input, the stakeholders applauded the two documents, saying they met the required principles and standards that would ensure a conducive and competitive environment for successful private sector operations in the region.
The key objective of the regional Investment Code and Policy is to “entrench an investment friendly environment for both domestic and foreign investment to enhance the structural transformation of member states economies in order to create wealth, improve incomes and reduce poverty, while deepening regional economic integration.”
The next step after the private sector validation is to enlist the support of the Investment Promotion Agencies, IPA, and regional ministers of commerce, as well as sector ministers, who will then recommend the Code and Policy to the council of ministers for adoption before implementation.
Kalilou Traore, ECOWAS commissioner for Industry and Private Sector Promotion, and Alfred Braimah, director of Private Sector, thanked the private sector stakeholders for their contributions to the regional instruments.
Among the benefits of a coordinated investment cooperation programme are increased investment from both within and outside ECOWAS sources and freer flow of capital, skilled labour, professionals and technology between member states.
The meeting was attended by the president and chief executives of Chambers of Commerce of member states, president of the ECOWAS Federation of Business Women and Entrepreneurs, FEBWE, ECOWAS Commission officials and resource persons of the Code and Policy drafting Committees among others. Sidi Kone opened the meeting on behalf of Cote d’Ivoire’s minister of African Integration and Ivorians Abroad.
— Apr. 21, 2014 @ 01:00 GMT