East African business leaders and policymakers gathered in Dar es Salaam under the banner of Stanbic Bank to explore mutual trade opportunities and address infrastructure challenges. China’s completion of the Magufuli Bridge further emphasized the need for improved connectivity to boost trade in the region. The summit highlighted the importance of infrastructural expansion and upgrades, as well as building new trade and energy partnerships with a focus on environmental, social, and governance considerations.
Goolam Ballim, chief economist of Standard Bank Group, noted China’s increasing involvement in addressing infrastructural gaps in Africa, leading to optimism for GDP growth in beneficiary countries. Current intra-East African Community trade figures showed significant growth, with the region becoming the fastest-growing in sub-Saharan Africa economically. Delegates discussed persistent challenges hindering intra-EAC trade and strategized on solutions.
Looking ahead, Stanbic plans to hold the EA Business Summit annually to capitalize on the region’s economic growth. The next summit is scheduled for Kampala, Uganda in October 2025. The event aims to foster collaboration and address barriers to trade, ultimately boosting economic development in East Africa.
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