Russia-Ukraine conflict harming East Africa's Biz community
Russia-Ukraine conflict harming East Africa's Biz community

NAIROBI: The rising prices of major commodities are affecting the performance of East Africa's business community due to the Russia-Ukraine crisis,  the regional apex lobby said.

As per reports, John Bosco Kalisa, the chief executive officer of the East African Business Council (EABC) told journalists in Nairobi, Kenya's capital, that the crisis has disrupted global supply chains and has been devastating given the significant amountn of products imported from the two countries.

"Because we are net importers of wheat and edible oils from Russia and Ukraine, which are key inputs for businesses, the financial performance of businesses has been negatively affected," Kalisa said during the EABC-Trade Mark East Africa regional private sector consultative meeting on the African Continental Free Trade Area (AfCFTA) and Tripartite Free Trade Area (TFTA).

He noted that the impact of the Russia-Ukraine situation has expressed itself in the form of increasing costs for most home and commercial goods. "The violence has had an impact on trade and investment flows into the East African region, as potential investors are taking a wait-and-see strategy," he said. To combat rising import costs, he asked governments in the region to implement tariff waivers.

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