Traders across East Africa are set to benefit from the construction of a Sh1.4 billion modern market at the Busia border.
The facility, to be built on 40 acres in Marachi on the Kenya-Uganda border, will accommodate 2,000 traders. The 40 acres is part of a 90-acre piece of land committed to the project. The remaining 50 acres will host a school, a police post and other social amenities.
The government and development partners will fund the construction of the market. Last year, the National Treasury and TradeMark East Africa signed an agreement worth Sh1.4 billion to facilitate the construction and completion of the project.
It is not clear when the construction will start.
East Africa Community and Regional Development PS Kevit Desai said on Wednesday the market would be a one-stop shop where traders will be buying a variety of products and get other services.
“This investment breaks a great milestone in our efforts to create a cross-border market to serve the purpose of the informal sector and all those who would like to trade sufficiently across borders,” he said.
The PS spoke during a ceremony to erect beacons on the land the facility will be built.
Once complete, the modern market will constitute a business hub, a retail section and part of it will house wholesale businesses. It will provide a secure environment that will accommodate among other things stalls, cold rooms for perishable products as well as stores.
Among business enterprises expected to be opened at the market are forex bureaus, insurance companies and banking facilities. Legal services, consulting firms, beauty shops as well as barbershops will also be accommodated.
Desai said the investment is timely owing to the need to ease trade across East Africa.
“The purpose of this cross-border market is to address business challenges on one hand and at the same time see to it that trade is facilitated because Busia has for the last couple of years increased trade,” the PS said.
He said the market would benefit the county and the national government in raking in more revenue.
“Our objective is to increase trade in the coming years and to promote greater resilience and inclusivity to cross-border trade which is an opportunity for all stakeholders to create ecosystems which address systematic issues of policy legislation and regulation and infrastructure.”
He said the government and other stakeholders involved are keen to use the market to promote value addition so that businesspeople can contribute to the Big Four agenda.
“It is a highly inclusive project and our partner states like Uganda will benefit directly,” the PS said.
Busia, where the market will be built, is located along the Northern Corridor, which is the gateway to East and Central Africa.
Stakeholders on Wednesday said the market is projected to spring-up cross-border trade between Kenya and other East African Community member states.
Busia Governor Sospeter Ojaamong said the completion of the market would create job opportunities for the youth while farmers would benefit through value addition.
“Busia has had informal trade for many years, the cross-border market will facilitate normal trade,” the governor said.
Deputy Governor Moses Mulomi said the strategic location of the market in Busia would benefit local traders who will cash in on international businesspeople seeking goods and services from the investment.
Matayos MP Geoffrey Odanga told people from Busia to take advantage of the market to open up business enterprises and reap big from the international market.
The land where the market will be built was acquired in 1988, the MP said.
