The UK and Kenya held their first Economic Partnership Agreement Council to increase trade and secure jobs. During the meeting, Kenyan officials shared investment opportunities and incentives for UK businesses in various sectors of the economy, including water, real estate, energy, tourism, and agriculture. The Kenyan government is committed to working with UK businesses and signed an agreement worth $21 million to demonstrate their readiness. They also shared a booklet with 63 investment projects worth $20 billion, curated for UK consideration.
The Kenyan officials emphasized the country’s position as the third-largest economy in southern Africa, a regional economic hub, and headquarters for several UN organizations. They also highlighted the expanding opportunities for an African common market, the favorable trade treaties with the region, and the country’s strategic location for logistical means. The officials encouraged UK businesses to invest in Kenya’s special economic zones and mentioned incentives for investing in manufacturing plants and fertilizer manufacturing plants. Overall, the Kenyan government is keen to develop a strong partnership with UK businesses and enhance their existing trade relations.
Moses Kuria, Minister of trade in Kenya led the Kenyan delegation to the meeting. Kuria met with UK ministers to discuss increasing trade under the UK-Kenya Economic Partnership Agreement. The Kenyan delegation included officials from various sectors, such as investment promotion, economic planning, blue economy, and East African cooperation. CEOs and chairpersons from several corporations, including the Kenya Government Corporation and the Kenya Investment Authority, were also present at the meeting.
During the meeting, Kuria emphasized the importance of attracting foreign investment to Kenya. He pointed out that the Kenyan government had sent a large delegation to the UK to demonstrate their commitment to this relationship. The UK had already invested 21 million US dollars in Kenya, which Kuria saw as a case study to prove that Kenya was ready for business. He expressed his confidence in the success of the project and promised to do everything he could to make it work. Kuria also requested that he be allowed to visit the project twice a week
June Chepkemoi (http://www.invest.go.ke/) , a representative from the Kenyan Investment Authority, presented investment opportunities worth 20 billion US dollars. These opportunities had been curated for the UK officials to consider, and they had been narrowed down to 46 projects worth 18 billion US dollars. These projects covered 30 sectors of the Kenyan economy, such as real estate, energy, infrastructure, tourism, health, manufacturing, agriculture, and ICT.
Kenya was presented as the third-largest economy in southern Africa and the dominant economy in the East African community. The country has a growing middle class with an increasing appetite for higher value goods and services. It is also a regional economic hub and home to many UN organizations.
Kenya’s location was highlighted as strategically located for logistical means, and the country was presented as having a liberalized economy and attractive investment opportunities. The Kenya Investment Authority was identified as a facilitator for investment opportunities.
The UK officials were encouraged to invest in Kenya due to the existing trading relations between Kenya and the region. The country is also expanding its opportunities to ensure that there is a single African common market, which will see existing bilateral trade treaties become more liberalized. Kenya has also put in place incentives for investors looking to target markets outside the country, especially within special economic zones.
June Chepkemoi (http://www.invest.go.ke/) also presented investment opportunities in agriculture, manufacturing, healthcare, environmental climate change, housing, and digital superhighways. Incentives for investing in a manufacturing plant or fertilizer manufacturing plant within special economic zones were highlighted. Kenya’s demand for fertilizers was increasing, and there were opportunities to facilitate the movement of agricultural produce within the country’s agricultural terminal.
Kenya’s investment opportunities were presented in booklets, and a soft copy was shared with the UK officials. The Kenyan officials invited the UK officials to take their time and review the investment opportunities available.
In conclusion, the UK and Kenya held their first-ever Economic Partnership Agreement Council to secure jobs and increase trade between the two countries. The Kenyan officials presented several investment opportunities worth $20 billion to the UK officials, who were encouraged to invest in Kenya due to its strategic location, liberalized economy, and attractive investment opportunities. The UK’s $21 million investment in Kenya was welcomed by the Kenyan officials, who stated that it would serve as a case study and demonstrate Kenya’s readiness for business.
Photos Taken During the meeting
