KENYA, ISRAEL NEED TO DEVELOP FRAMEWORK TO BOOST BILATERAL TRADE

Kenya and Israel need to develop a better framework for economic co-operation to boost trade between the two countries, says Kenyan President Uhuru Kenyatta.

The two countries have not exploited their enormous trade potential because of the absence of a framework to facilitate mutual engagement, he said when addressing an Israel-Kenya business forum attended by representatives of major Israeli companies, Kenyan business leaders and government officials here Thursday.

The President made five proposals for improving bilateral trade and investment to strengthen existing relations and to open up new areas of co-operation, the first being a establishing a framework for co-operation between the private sectors of the two countries and the convening of a Joint Trade Committee to look into ways of expediting the growth of trade and investment.

The second is that a pending bilateral trade agreement between be reviewed and implemented, said the president, who also proposed that a Kenyan trade mission to Israel be organized as a follow-up to the 2014 visit of an Israeli trade mission to Kenya, so that Kenyan businesses can talk directly to their Israeli counterparts.

The fourth is that a market survey be carried out to identify potential export products for both countries and the fifth is that respective private sectors in Kenya and Israel formalise their engagements through a Memorandum of Understanding that will enable the monitoring and evaluation of their activities.

President Kenyatta said Kenya was today one of the easiest countries in which to do business as a result of deliberate reforms by the government to make the country investor-friendly and he urged Israeli investors to take advantage Kenya’s vantage position as an economic powerhouse that is a gateway to East Africa.

Source: KBC