Investors say DRC entry to EAC to boost human capital

NAIROBI, Kenya March 23-Investors at EFG Hermes have noted that the entry of Democratic Republic of Congo(DRC) to the East African Community will see tremendous growth in human capital hence making the region more attractive to investors as the population expands.

Speaking during a media roundtable held Wednesday, EFG Hermes Managing Director, Head of Frontier Research Kato Arnold Mukuru said EAC will benefit from resources from DRC (raw materials, minerals etc), and in turn, DRC will also benefit from the expertise of the EAC members (investment opportunities).

The DRC is expected to officially join the East Africa Community Tuesday next week, adding its more than 90 million market population to the regional trading bloc.

EAC Secretary-General Peter Mathuki confirmed that the country will be admitted into the bloc on March 29 after approval by Heads of State Summit, nearly three years after making a formal application in June 2019.

“We are in receipt of a letter dated March 18 from the chairperson of the Council of Ministers informing the Secretariat of the convening of an extraordinary summit on the admission of the DRC into the EAC on 29th, March 2022,” said Mathuki in a letter to ministers in charge of the EAC docket in member states.

DRC is already a key African market for Kenyan firms with the latest official annual data showing exports earnings from DRC amounted to Sh14.3 billion in 2020

Mukuru further noted that if Ethiopia joins the EAC, the potential for 100 million more people will position the EAC as a bigger attraction for foreign direct investments.