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Burundi Bank , Business Opportunities in Country, Says Vice PresidentEast African Business Week (Kampala) found 11 February 2008 at allafrica.com Bujumbura Burundi is in the process of changing its investment code to make doing business easy and for foreign investors. "We are ready to facilitate any foreign investors who come here," Burundi's Second Vice President in charge of the economy, Mr. Gabriel Ntisezerana said recently.
Ntisezerana also also said that one area which was ripe for investment was banking. He said that interest rates were very high because many of the people who had borrowed money had failed to pay back during civil war and as such many banks' portfolios had suffered. "We are in the process of reforming the fiscal code to make investment in financial sector appealing," Ntesezerana, an accomplished banker and economist said. The Vice President, a former central bank governer and government planner, is passionate about attracting more investment as other East African Community (EAC) members have done over the years. Burundi and Rwanda joined the EAC in June 2007. "Our banks have had a compromised portfolio. Our interest rates are still high but if we can have banks coming in here, the rates could become lower," he said. He cited investment opportunities in mining, floriculture, tourism, insuarnce, tea and coffee. "We are confident we shall have full security by June this year," he said. He however cited the effect of negative publicity and the need for more awarness of these opportunities. Burundi has made great strides in recovering from 15 years of civil war. Last year, the country embarked on a comprehensive strategic programme aimed at lifting the economy from years of neglect and conflict. In July 2007, the government commissioned a study to map out a post conflict vision for the country's development agenda and usher in an environment of private-public competitiveness. The initiative codenamed The Vision for Commercial and Industrial Development Strategy for Burundi, is sponsored by a World Bank programme, The Economic Management Project, PAGE (Project D'Appui a la Gestion Economique (PAGE)), and is being undertaken by the OTF Group, was inaugurated at PAGE headquarters in Bujumbura last week. The OTF Group is a competitiveness consulting firm that is helping developing countries with expertise and capacity building. The results from the two-month study from the OTF Group formed the basis on which Burundi is creating and building an environment for more innovative, increase productivity and create competitive advantages in five main sectors. "We have about 50 sectors to build on but have identified the top five sectors and develop these," Mr. Eric Kacou, the lead OTF consultant told East African Business Week. OTF looks at the different synergies that have interplay in economic development. "We'll look at the infrastructure, human resource, finance, natural resources, institutions, technical know-how and the culture as a basis from which to build framework for the competitiveness strategy," he said. "Burundi has got great potential to grow from its current position to a leading economic house in the region. For instance we have very good soils that can sustain the growth of organic products and can fetch good prices at international markets," said Mr. Seleus Nezerwe, PAGE chief in Burundi, who commissioned he study. Already the strategy is bearing fruit. The capital Bujumbura is now a fast growing metropolis. The country's airline, Air Burundi which had suspended business now has regular flights to Kigali and Entebbe with and Arusha. That's besides a host of international airlines flying in and out of Bujumbura airport daily. There are daily bus trips from Kigali, Kigoma, Kampala and Uvira, a sign that business is begining to pick up. related: East African Business Council |
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