NAIROBI – The Kenya Investment Authority and the Kenya China Chamber of Commerce and Industry have signed an MoU to promote investment in Kenya.
The MoU covers collaboration in investment promotion, trade facilitation, capacity development, knowledge and technology transfer, project identification, networking and advocacy, the chamber said in a statement.
It also seeks to bolster bilateral trade relations between Kenya and China by identifying and rectifying trade barriers, streamlining trade procedures, and sharing information on market trends, trade policies, and regulations to assist Chinese enterprises in navigating the Kenyan market.
Additionally, it will promote training and capacity-building initiatives for prospective investors and entrepreneurs interested in the Kenyan market.
Trade Cabinet Secretary Moses Kuria said the primary aim of the MoU is to establish a collaborative partnership that will significantly boost trade between the Kenyan and Chinese business communities, ultimately attracting fresh investments to Kenya.
“We will hold joint investment forums, showcase opportunities, share information and market trends, organise training and conduct business matchmaking among other activities under the ambit of this MoU,” Kuria said. To ensure the MoU’s effective implementation, a monitoring committee, composed of representatives from both sides, will convene on a monthly basis.
The deal was signed by KenInvest CEO June Chepkemei and Kenya-China Chamber of Commerce Industry chairman Chen Congcong.
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This comes a month after the two organisations signed another MoU on August 9 to reinforce trade relations, enhance investments, and generate approximately 20,000 job opportunities for the youth in the textile sectors of Kilifi and Machakos counties.
“As Kenya grapples with the challenge of youth unemployment, this initiative represents a beacon of hope for many aspiring young professionals in the region,” Kenya National Chamber of Commerce and Industry president Dr. Erick Rutto said.
The MoU outlined the framework for partnership, emphasizing the mutual goal to deepen ties between the Kenyan and Chinese business communities, facilitate smoother business cooperation, and accelerate trade.
Chen said the organization serves as a pivotal bridge in strengthening the business cooperation between Kenya and China.
“This strategic partnership promises more than just employment opportunities. By intertwining the strengths of both nations, it seeks to boost capacity-building mechanisms, promote technological exchanges, and advocate for policies that foster investment and bilateral trade,” the Chamber said in a statement.
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