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3 African nations to launch initiative to spur trade and investment

Xinhua, March 24, 2015 Adjust font size:

Three African nations are set to launch an initiative aimed at enhancing trade and investment during the course of this year, the Zambia Daily Mail reported on Monday.

The Zambia-Malawi-Mozambique Growth Triangle (ZMM-GT) is expected to come into force this year as part of regional integration efforts supported by the United Nations Economic Commission for Africa (UNECA).

UNECA sub-regional office for Southern Africa director Said Adejumobi said the initiative launched in the year 2,000 will be implemented this year as the three countries are expected to sign memorandum of understanding on specific projects.

The official said experts from the three countries will soon finalize draft accords for approval by the governments' respective ministries responsible for commerce, trade and industry.

"The ZMM-GT has been on the drawing board for a long time. We have worked on that and the memorandum of understanding is expected to be signed by respective governments," he was quoted as saying by the paper.

Last year, UNECA facilitated a consultative meeting in Mozambique at which the three countries reviewed the initiative's existing mechanisms, instruments, frameworks and institutions for their relevance and effectiveness so that it could achieve its objective of enhancing trade and investment, he added.

It is envisaged that the recommendation from the meeting will go a long way in providing a momentum in reviving the growth triangle as a new trade hub in southern Africa.

Among the recommendations is the need for a simplified trade regime at border entries to allow for unrestricted cross-border commercial activities.

According to the official, the initiative is also aimed at harnessing the resource endowment through private sector participation and creation of improved infrastructure in the countries.

One of the major thrusts of the initiative is for the completion of railway line that runs from Zambia, through Malawi to the Mozambican Port city of Nacala. Endi