Trade Ministry moves to deepen investment relations with US, UK and Germany

Kenya will look to build its multi-lateral trade and investment relations with the US, Britain and Germany to grow economic capacity and competitive edge in Africa.

Speaking in Nairobi, during a country investor briefing, Cabinet Secretary for the Ministry of Industry, Trade and Cooperatives, Adan Mohamed confirmed that the government had stepped up its efforts to increase its trade, commerce and investment portfolio and partner with the West and Europe to leverage investment opportunities going forward.

“We are excited at these potential opportunities to amplify our relations as we seek to leverage our competitive advantages in diverse industries for our mutual benefit”, said Mohamed.

“We have had long and productive connections in the past and the interactions today will further that bond as we expand our portfolio of commodities and to develop our economic capacity”, the CS added.

“Sustained interactions with the US, Britain and Germany has helped Kenya gain an improved status with our counterparts in Africa and afforded the country a favorable reputation in the global economy. We now want to leverage this global perception to further the country’s economic capacity for production and expand our trade commodity variety to access different markets,” said Mohamed.

The event was organized by the American Chamber of Commerce in collaboration with the British Chamber of Commerce and the German Business Association, organisations that protect their nation’s investments and interests in Kenya whilst promoting further ventures in the country.

The three have been instrumental in securing investment opportunities over the past decade via the African Growth and Opportunity Act (AGOA) and recent ratification of the Economic Partnership Agreement in September with the EU the key drivers

“We applaud the American Chamber of Commerce, British Chamber of Commerce and the German Business Association for their role in promoting trade, commerce and investment in Kenya through their increasing involvement to ensure sustained relations and productive discussions with your mother countries. Through forums like this we hope for impactful positive outcomes that will further strengthen the already existing bonds we possess,” Mohamed said.

“Kenya is ready and open for business and our commitment to deepening relationships with you is exemplified in various reforms the government has undertaken in recent years towards creating a friendly, cost-effective business environment. Initiatives like the Special Economic Zones Projects, numerous infrastructure projects like LAPSSET Corridor and new 480 km Standard Gauge Railway, show the country has various opportunities to leverage for mutual benefit,” noted the CS.

Kenya currently exports goods worth $587 million (Sh59.5 billion) and worth $460 million (Sh46.6 billion) annually to US and Germany respectively.

Britain is the second largest importer of Kenyan flowers in the world and a major contributor to Kenyan’s expanding export capacity.

 

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