The Southern African Development Community (SADC) and the SADC Business Council have formalized their collaboration through the signing of a Memorandum of Understanding (MoU).
The agreement aims to strengthen private sector engagement and cooperation, ultimately contributing to the advancement of industrialization, investment, regional and international trade, and overall economic and social development across SADC Member States.
The MoU, signed by Dr. Judith Kateera, Deputy Executive Secretary for Corporate Affairs at the SADC Secretariat, and Mr. Peter Varndel, Chief Executive Officer of the SADC Business Council, marks a pivotal moment in fostering collaboration on various key areas.
These areas include Trade and Trade Facilitation, Finance and Investment, Industrial Development, Micro, Small and Medium Enterprises (MSME) Development, Sustainable Development, Tourism, and other service sectors. The ultimate goal is to support infrastructure development, boost industries, and develop human capital.
The signing ceremony, a momentous occasion, took place on October 25th, 2023, in Johannesburg, South Africa, and was attended by distinguished guests, including Mr. Vicente Soares, President of the SADC Business Council and President of the Angolan Chamber of Commerce and Industry, as well as Ms. Anneline Bremer, Head of Cooperation of the German Embassy to the Republic of Botswana and SADC, alongside representatives from various SADC Business Council Members.
Dr. Kateera emphasized the significance of collaboration between the public and private sectors in fostering regional economic growth.
She noted that the shift towards a more symbiotic relationship between government bodies and private enterprises is a vital driver for sustainable and inclusive development within the region.
Mr. Varndel, speaking on behalf of the SADC Business Council, underscored the commitment of both parties to the growth and prosperity of the SADC region.
The signing of the MoU represents a concrete step towards creating an environment where the private sector and public sector can work together in harmony to drive economic progress and social development.
The SADC Business Council (SADC BC) serves as a Regional Apex body, representing national business associations from the 16 SADC Member States and Regional Business Associations in Southern Africa.
With a mandate from the private sector, the SADC BC is the primary partner for the public sector in influencing high-level policymaking related to market access, industrialization, value chain development, and socio-economic development at regional, continental, and global levels.
This strategic partnership between the SADC and the SADC Business Council signals a new era of collaboration that is expected to contribute significantly to the economic growth and prosperity of the SADC region, ultimately benefiting businesses, communities, and the broader economy.
This story has been adopted from the SADC Secretariat.