Kenya and China Ink Business Agreements Worth Ksh 63 billion

October 18, 2023

Kenya and China have entered into business agreements covering the ICT, health, and engineering sectors, with a total value of Ksh 63 billion.

These deals, formalized by the Kenya Chamber of Commerce and Industry and its Chinese counterpart, represent a concerted initiative to enhance trade relations between the two nations.

Speaking in Beijing, China during the signing ceremony, Kenya Chamber of Commerce and Industry President Dr Eric Rutto and his China counterpart Chen CongCong emphasized the need to promote trade for the mutual benefit of the citizens of the nations.

CongCong voiced his concerns about the existing trade imbalance between Kenya and China, emphasizing the necessity to take concerted efforts to rectify the situation.

“There is need to build a common marketing platform to address the concerns of business people operating in the two countries,” said CongCong.

Ruto on his part said Kenya has established a permanent representation office in China to protect Kenya’s investments.

“Kenya has also intensified efforts to export the country’s agricultural products to China including coffee, macadamia and honey among others as part of efforts to promote trade between our two nations,” said Ruto.

Chinese investors looking to invest in Konza Technopolis include companies such as Inner Mongolia Mingxu Electric Power Engineering, Dongfeng Venucia Automobile, Guangdong Qiya Exhibition, Gaochuang Import and Export, Zhende Medical Company, and others.

The Kenya-China Chamber of Commerce and Industry has taken proactive steps by establishing three pavilions to showcase and promote Kenya in key Chinese cities, namely Guangzhou, Shenzhen, and Wuhan.

President Ruto assured that his Government has created a conducive environment for business to thrive.

“The reason why Kenya is ideal for business is because we have a big market, investments are protected, we are a democratic country and our people are hardworking, thus the availability of great human resource,” said the President.

Dr Ruto announced the commencement of the next phase of Kenya’s socio-economic transformation, emphasizing that it will be propelled by trade and investment. He highlighted that the signed business deals reflect a deep trust in the evolving Kenya-China Strategic Comprehensive Partnership.

“Opportunities in Kenya are about to multiply exponentially. This is why I ask investors to take advantage of our commitment to ensure a conducive environment for investments,” he said.

The President underscored that these agreements also signify significant confidence in Kenya’s Bottom-Up Economic Transformation Agenda (BETA).

Ruto expressed his delight at the launch of Konza Medical City by 11 companies, emphasizing their readiness to capitalize on Universal Health Coverage opportunities.

“I welcome more companies to take advantage of the emerging opportunities in Kenya, East Africa and Africa by taking the first step into Kenya,” said President Ruto.

“On behalf of the government of Kenya, I assure you of all the support and facilitation you may require to get up and moving as quickly as possible,” he added.

Don't Miss