The East African Community (EAC) and European Union (EU) have launched the second phase of the EU-EAC Market Access Upgrade Programme (MARKUP II) in Arusha, Tanzania.
Development Diaries reports that the programme seeks to strengthen EAC’s small businesses through enhanced regional and international trade.
Tanzania’s real GDP growth has been projected to rise to 5.3 perecnt in 2023 and 6.3 perecnt in 2024, according to figures from the African Development Bank (AfDB).
Also, the AfDB projected the country’s inflation to increase to 4.7 percent in 2023 due to higher food and energy prices before moderating to 4.0 percent in 2024 due to better agricultural performance.
In a 2023 report, AfDB also revealed that East Africa will register the highest regional economic performance in Africa, with growth figures at over five percent.
The report, titled African Development Bank 2023 East Africa Economic Outlook, stated that the economic growth will largely be driven by growth in Rwanda, Uganda, Ethiopia, Kenya, Djibouti, and Tanzania.
It is understood that MARKUP II will focus on EAC priority sectors including avocado, cocoa, coffee, essential oils, French beans, gum arabic, horticulture, leather, packaging, spices, and tea, with an emphasis on processing, value addition, diversification, investment, and export linkages.
Photo source: World Bank
