Need to enhance trade in the greater Horn of Africa

When I met regional heads of state at this month’s IGAD summit in Djibouti, my message was clear: Buoyant trade is crucial to peace and development.

If people trade within and across borders, communication channels are more likely to stay open and there is a common interest in internal and regional stability. For trade to thrive, people have to talk to and trust one another.

The business community can play a crucial role in increasing development, which, in turn, will reduce conflict and instability.

Under Dr Workneh Gebeyehu, whose term as executive secretary was extended, IGAD has been highlighting issues such as remittances alongside its core role of promoting peace, prosperity and regional integration.

Remittances support livelihoods and development, outstripping development aid. During our meeting, Dr Workneh emphasised the essential role of the private sector.

I look forward to the day when business leaders participate in IGAD and similar summits at the same level as the diplomatic and political community as they will bring a different perspective and accelerate progress in our region.

The devastating effects of recurring drought and floods make it one of the hardest hit by climate change although we produce some of the lowest carbon emissions globally.

Let stakeholders prepare for further environmental calamities. If the region’s key players cooperate, innovative solutions to the impact of climate change can be found.

Global institutions—such as commercial, non-profit and humanitarian—should work more with local companies to create jobs, thus increasing peace and development and, in turn, reducing illegal migration. That will attract diaspora members to return and foreigners seeking rewarding and exciting work and investment to come in.

I was delighted to meet so many foreign and international delegations at the summit. I hope they, too, will integrate more fully responsible business leaders into their activities in the greater Horn of Africa as they are crucial to economic development, community cohesion and political stability.

The presence of such a wide range of high-ranking delegations, including the US, China, European Union, Japan, African Union and the United Nations highlights the growing importance of the region’s place in the world, especially in terms of geopolitics and trade.

The rapid development of ports, roads and other big infrastructure projects across the Horn is a testament to its ever-increasing role as a key trading hub regionally and internationally.

I am impressed with the rapid growth of sea, air, rail and road transport routes and the extraordinary development and innovation in financial and telecommunications services. Investment in such services and infrastructure will lead to faster development as it enables fluid movement of information, goods and people, especially after full integration.

Mr Duale is the CEO of the Dahabshiil Group. [email protected]. @Dahabshil