A COMESA Business Survey was conducted in 15 COMESA countries in August 2009. The objective of this survey was to extract the exact impression of investors about the investment climate in the COMESA region. The survey covered companies of all sizes in the COMESA countries. It was conducted through Investment Promotion Agencies, Ministries of Commerce, and Finance in the respective countries. 

Some identified Reforms in the COMESA region

1. The implementation of policy, infrastructural and administrative changes by countries in quest to improve service provision. 

2. Countries are gaining momentum in the installation of policies to govern certain sectors of the economy. Such policies include the Private-public partnership policy framework, SME Policy, investment code, labour code and mining code.

3. Improvements of means to access finance, and facilitation of business licensing in most countries.

4. Computerization of the licensing systems, licensing manuals and registration processes.

5. Establishment of Investment Promotion Authorities, one Stop shop Facilities, and in some economies financing houses targeting SMEs.

6. Institutionalization of Competition Commissions, Citizen Empowerment Commission, and Anticorruption Commissions.

7. Abolition and relaxation of foreign exchange controls.

8. Reforms in the monetary policies of some countries including the liberalisation of exchange rates, and relaxation of interest rates. There has also been an introduction of VAT in some countries, rationalisation and reduction of Customs Duties.

 Some lessons learnt and recommendations were as follows:

• The survey revealed that there is a need to improve the business environment. The signing of Double Taxation Agreements (DTAs), and Bilateral Investment Treaties (BITs) among COMESA countries were indicatively in high demand as a tool to promote cross-border investment.

• Some companies feel the need for more publicity of COMESA programmes, sources of business finance, export opportunities and sources of raw materials.

• There is a need to implement regionally coordinated legal and institutional reforms to improve the business climate.

• The registration processes for companies and the infrastructure need improvements. Complex procedures, inconsistent rules, corruption practices should be eliminated.

• COMESA countries should consider the Ease of Doing Business of the World Bank indicators for improvement of the business climate.

 For information on the upcoming COMESA summit to be hosted by the Kingdom of Swaziland in August 2010 visit www.comesasummit2010.org