BUJUMBURA, November 10th (ABP) – The Vice President of the Republic of Burundi, Mr. Prosper Bazombaza, opened, on Thursday, November 9, 2023 in Bujumbura, the 5th edition of the industrial fair, under the theme “Integration in the region of African Continental Free Trade Area (ZLECAF): the challenges and obstacles to the competitiveness of industrial companies within the East African community.
In his speech, the vice president indicated that this 5th edition of the fair is being held at a time when Burundi is experiencing economic shocks due to pandemics, global conflicts and climate change. These shocks are observed both nationally and internationally. He added that in the face of those shocks, the government of Burundi is committed to supporting the industrial sector in order to be able to exploit the multiple potential in natural resources with which Burundi abounds.
Mr. Bazombanza noted that industrialization is an essential lever for the emergence of the country. Hence even the Burundi 2040-2060 vision gives an important place to reforms aimed at improving the business climate and attracting more investment, for industrial sectors that bring economic growth such as agro-industry, tourism, infrastructure, manufacturing, ICT, energy and mining.
The government of Burundi has initiated programs and projects aimed at promoting small and medium-sized enterprises as well as start-ups, with particular emphasis on young people and women, hence the setting up of the economic and youth employment (PAEEJ), Investment bank for young people (BIJE) as well as the Investment and development bank for women and the impulse and guarantee fund (FIGA).
Mr. Bazombaza indicated that Burundi’s investment code places great emphasis on promoting the industrial sector, especially in sectors that generate economic growth.
Thus, the government of Burundi has initiated reforms aimed at improving the business climate for investments and is committed to strengthening the framework for public and private dialogue in order to outline and formulate adequate, adapted, effective strategies that can support the Burundian economy towards emergence in 2040, he said.
He also added that the number one of Burundi initiated UMUZINGA DAY, as a special day dedicated to public and private dialogue, the 2nd edition of which will take place on November 27, 2023 in Bujumbura.
Concerning the effective integration of Burundi into the ZLECAF, it requires everyone’s appropriation and the national strategy of the agreement on the African Continental Free Trade Area, the diversification of the exportable offer of the markets of goods, improving the competitiveness of national companies as well as developing the supply and improving the quality of basic infrastructure and support for production, he underlined,
In conclusion, Prosper Bazombanza announced that the government of Burundi is committed to revitalizing the public and private dialogue framework in order to support the industrial sector which is the pillar and engine of economic development. Afterwards, he visited stands where the different products were displayed.