The Democratic Republic of Congo joins the East Africa Trading bloc
After officially welcoming its seventh member, the Democratic Republic of Congo (DRC), into the East Africa Community (EAC) today, trade in eastern Africa is expected to grow (March 29).
The DRC is the EAC's largest and most populous member, adding a market of 90 million people and boosting the region's GDP from $193 billion to $240 billion right away.
Despite sharing borders with five EAC members, commerce between the DRC and its neighbors has been unexpectedly modest, according to the East African Business Council.
The DRC has a population of 90 million people.
Known for its minerals—holding 60% of the world’s coltan, with abundant reserves of copper, diamond, and tin—the DRC is a magnet for investment. Last year, Equity Group, East Africa’s largest banking group, sponsored a two-week trade mission as they announced plans to fund Kenyan businesses setting up shop or expanding into the country.
Equity Company, East Africa's largest banking group, funded a two-week trade mission last year as part of their announcement of plans to assist Kenyan businesses establishing or growing in the country.