KENYA LOOKS TO US, UK, GERMANY TO GROW ECONOMIC CAPACITY

Kenya will look to build its multilateral trade and investment relations with the United States, Britain and Germany to grow its economic capacity and competitive edge in Africa, says the Cabinet Secretary (Minister) for Industry, Trade and Co-operatives Adan Mohamed.

Addressing a country investor briefing here Monday, he added that the government had stepped up its efforts to increase trade, commerce and investment portfolio and to partner with the West and Europe to leverage investment opportunities for mutual benefit moving 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. We have had long and productive connections in the past and the inter-actions today will further that bond as we expand our portfolio of commodities and to develop our economic capacity,” he said.

“Sustained inter-actions with the US, Britain and Germany have 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.”

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

The three bodies have been instrumental in securing investment opportunities over the past decade, with the United States’ African Growth and Opportunity Act (AGOA) and recent ratification of the Economic Partnership Agreement in September with the European Union (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”, said the Minister.

“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-kilometre Standard Gauge Railway, show the country has various opportunities to leverage for mutual benefit.”

Source: NAM NEWS NETWORK.