kenyan trade lobby to attract chinese investors
Last Updated : GMT 01:55:14
Arab Today, arab today
Arab Today, arab today

Kenyan trade lobby to attract Chinese investors

Arab Today, arab today

Arab Today, arab today Kenyan trade lobby to attract Chinese investors

Nairobi - XINHUA

The Kenyan National Chamber of Commerce and Industry (KNCCI) has partnered with the government to facilitate dialogue with Chinese investors and spotlight sectors that have huge potential. KNCCI chairman Kiprono Kittony said Friday that delegations have been dispatched to China to lure fund managers as Kenya focus on the East to rejuvenate economic growth. "We have taken dialogue with Chinese investors to a new level and have agreed on possibility of joint ventures in strategic areas like value addition and clean energy," Kittony said. The volume of trade between Kenya and China has been on the upward trajectory as the East African nation strengthens its economic diplomacy with the Asian giant. Kittony noted that Kenya has reformed the business environment to attract Chinese investors. "Both the government and the private sector have agreed on the need to expand our scope of cooperation with China. Areas that are strategically placed include energy, manufacturing and agro processing," Kittony told Xinhua. He accompanied President Uhuru Kenyatta during his maiden trip to China in August 2013. The business delegation met their Chinese counterparts and agreed on exchange visits to explore strategic areas of cooperation. "Executives from Chinese companies are keen on venturing into the Kenyan market. Channels of communication are open and we have secured multibillion investments from Chinese enterprises," said Kittony. He revealed that Chinese firms have actively tendered for infrastructure and energy projects in Kenya. Statistics from Kenya's ministry of foreign affairs and international trade indicate that China's direct investments in Kenya stood at 474 million U.S. dollars in 2013. The bilateral trade volume between Kenya and China stood at 2. 85 billion dollars in the same year. Kittony noted that discussions have progressed to address the imbalances in trade volume between Kenya and China. "We have appealed to the Chinese government and investors to expand market access for Kenyan goods," said Kittony. He added that tourism, technology transfer and man power development will create a level playing field as Kenya reactivates bilateral cooperation with China. "Kenya should focus on tapping soft skills from China to enable us develop a knowledge based economy," Kittony said. The CEO, Kenya Association of Manufacturers, Betty Maina said that industrial progress in China has benefitted the developing world. "We are importing finished products from China at favorable rates. The quality of these goods has been addressed through rigorous inspection," Maina told Xinhua.

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