trade barriers

Kenya and the United Arab Emirates (UAE) on Thursday vowed to boost trade ties.

Chris Kiptoo, the Ministry of Trade Principal Secretary told a media briefing in Nairobi that areas with investment potential for UAE investors include the construction, manufacturing, livestock, fisheries and agriculture, water and irrigation, infrastructure and tourism sectors.

“These are some of the sectors that will provide investment and possibilities of joint ventures with Kenyan businesspersons so as to boost bilateral ties,” Kiptoo said during the UAE-Kenya trade mission forum.

Kiptoo noted that in the recent past Kenya has discovered minerals, oil and hydrocarbons deposits presenting investment opportunities in mining, oil and gas sector.

He also praised the confidence the private sector in UAE has placed in Kenya as demonstrated by the investments made in the edible oil refinery, tyre retreading and fish processing which has contributed to Kenya’s national goals of creating jobs and wealth and therefore improving livelihoods of citizens.

Kenya’s official data indicates that exports to the UAE in 2016 amounted to approximately 309 million U.S. dollars with the main export products being tea, electrical machinery as well as oils obtained from bituminous minerals

On the other hand, Kenya imports from the gulf state in the same period amounted to approximately 915 million dollars and the main products included petroleum oils, copper and lime.

The principal secretary noted that the amount of trade demonstrates the low level of trade between the two countries.

He added that products with export potential to the UAE include livestock, meat and meat products, cut flowers, coffee, nuts, dairy products, fruit juices and commercial crafts.

The ministry of trade is currently putting in place policy measures for a conducive environment for investments and businesses to thrive.

Hassan Issa Al Hosani, UAE Deputy Ambassador to Kenya appreciated the cordial relations prevailing between the two nations. “Our aim is to foster these relations for the benefit of citizens of both countries,” he added.

He noted that the depth of the bilateral relations is further demonstrated by Kenya’s diplomatic presence in UAE since 1982 and UAE presence in Nairobi since 2012.

The envoy noted that Kenya is an entry point into Eastern and Central Africa and a regional hub serving Africa and the rest of the world therefore investing in Kenya gives foreigners access to a huge market. Enditem

Source: Xinhua/NewsGhana.com.gh

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