Nairobi: The Principal Secretary for the State Department of Investment Promotion, Mr. Abubakar Hassan Abubakar, presided over the opening of a two-day Regional Validation Workshop aimed at revising the COMESA Common Investment Area (CCIA) Agreement.
According to Kenya News Agency, the workshop reaffirms Kenya’s support for a more integrated, inclusive, and investor-friendly regional economic space. The CCIA Agreement originated from a decision at the 3rd Common Market for Eastern and Southern Africa (COMESA) Summit held in June 1998 in Kinshasa, Democratic Republic of Congo (DRC). It aims to enhance investment flows and competitiveness in the region.
The process of reviewing the CCIA began with an inclusive review process that involved a comprehensive gap analysis and benchmarking against continental and international investment frameworks. A regional validation workshop in Cairo in 2024 incorporated feedback from Member States, who later conducted national consultations and submitted formal comments.
The Wednesday event gathered key stakeholders from COMESA Member States, including government delegates, trade experts, and representatives from the United Nations Conference on Trade and Development (UNCTAD) and the International Institute for Sustainable Development (IISD). The workshop served as a platform to validate the revised CCIA Agreement, designed to promote, protect, and facilitate investment across the COMESA region. The revisions aim to align the agreement with global best practices, improving investor confidence and enhancing the region’s appeal as an investment destination.
In his opening remarks, COMESA Assistant Secretary General for Programmes Amb. Dr. Mohamed Kadah emphasized the urgent need to boost investment in Africa. He cited figures from the 2024 UNCTAD Investment Report showing Africa’s global share of Foreign Direct Investment (FDI) remains a marginal 4-5%. The report revealed that FDI inflows to Africa fell sharply from USD 54 billion in 2022 to just USD 53 million in 2023, with COMESA Member States alone seeing a decline from USD 23.4 billion in 2022 to USD 18.7 billion in 2023.
Dr. Kadah attributed the downturn to economic uncertainty, political instability, burdensome business regulations, poor governance, and the high cost of doing business. He lauded the revision of the CCIA Agreement as a timely intervention to address these challenges and create a more sustainable and attractive investment climate.
In his keynote address, PS Abubakar praised the transparent and participatory manner in which the process was conducted. He emphasized the importance of moving beyond competition and embracing collaboration among member states to benefit their countries and people. PS Abubakar urged participants to actively engage in the workshop and ensure their input positively shapes the region’s investment future.
The PS thanked UNCTAD and the International Institute for Sustainable Development (IISD) for their technical support and reiterated Kenya’s commitment to championing a robust, inclusive, and future-focused investment agenda. Delegates from Eswatini, Madagascar, Zambia, Zimbabwe, Eritrea, Djibouti, Tunisia, Mauritius, Somalia, Egypt, and Rwanda demonstrated strong regional engagement in shaping the future of investment policy within the COMESA member states.