-Agreement established a practical framework to strengthen trade relations between Dubai and Kenya
Dubai, UAE: The Dubai Chamber of Commerce and Industry and the Kenya National Chamber of Commerce and Industry signed on Wednesday a memorandum of understanding (MoU) that established a practical framework for enhancing economic cooperation and strengthening trade ties between Kenya and the emirate.
The MoU was signed during the Kenya Business Briefing which the Chamber hosted at its premises in cooperation with the Consulate General of the Republic of Kenya. The event was attended by H.E. Kariuki Mugwe, Consul General of Kenya in Dubai and the Northern Emirates, Ambassador Tom Amolo, Political and Diplomatic Secretary for Kenya’s Ministry of Foreign Affairs, Mr. Atiq Juma Nasib, Senior Vice President – Commercial Services, Dubai Chamber, Dr. Moses Ikiara, Managing Director, Kenya Investment Authority, Mr. Omar Khan, Director – International Offices, Dubai Chamber, and other delegates representing Kenya’s public and private sectors.
In his welcome remarks, Mr. Nasib said Kenya remains one of Dubai’s top trading partners within Africa and revealed that bilateral non-oil trade has increased steadily in recent years to reach $1.1 billion in 2016. He stated that there are currently 300 Kenyan companies registered with Dubai Chamber, adding the African country is a key focus of the Chamber’s expansion strategy.
For his part, H.E. Mugwe highlighted the historic trade ties between the UAE and Kenya which have been strengthened by high-level visits, the opening of the UAE Embassy and Dubai Chamber’s representative office in Nairobi.
Kenya is one of the top 10 largest economies in Africa, H.E. Mugwe said, noting that the country’s business environment has evolved to become a lot more conducive to foreign investment. He described Kenya as a diversified economy that can offer plenty of opportunities to UAE businesses and investors within its agriculture, logistics, transport, finance, ICT, manufacturing, and infrastructure sectors.
The briefing included a presentation from the Kenya Investment Authority which revealed that Kenya’s economic indicators remain strong, with GDP growth expected to rise from 5.8% in 2016 to 6.1% in 2017. Kenya improved its ranking on the World Bank’s latest Doing Business report and the country has stepped up its efforts to enhance ease of doing business.
In addition, the presentation highlighted the significance of agreements signed between Kenya and other countries that have enabled its trade partners to access a market of 1.3 billion people, valued at around $29 trillion.
Other presentations during the event provided an overview of Dubai’s key economic sectors and growth prospects for the future, in addition to the objectives of the 4th Global Business Forum on Africa, which will be organised by Dubai Chamber and hosted in Dubai this November.