NAIROBI, March 24 (NNN-KBC) — Kenya is targeting to attract at least Ksh 1.2 trillion ($10B) in Foreign Direct Investments this year from the United Kingdom under the Economic Partnership Agreement (EPA).
The Kenya trade delegation led by Investment Trade and Industry Cabinet Secretary Moses Kuria is expected to pitch to UK investors on available investment opportunities in the country during the EPA and Investment meeting.
Kenya and UK signed the EPA on Dec 8, 2020, and ratified in March 2021 enabling Kenya and its East African Community Partner states to access the UK market under full duty-free and quota-free arrangements.
The trade agreement also provides a good framework for strengthening the strategic cooperation between Kenya and the UK in the areas of trade, investment, research, innovation and development, value addition, and capacity building, among others, towards encouraging and promoting improved relations at both Government and private sector level.
Under EPA, Kenya, and UK have been able to maintain trade relations post-Brexit which in turn, has granted Kenyan goods, particularly horticulture exports duty-free access to the UK market.
The UK on the other hand has been supporting the Kenyan business environment, particularly on tax and customs, intellectual property and counterfeit goods, public procurement, and research and development.
Already, the Ministry of Investment Trade and Industry on Wednesday witnessed the signing of an investment partnership worth Ksh 30 billion between United Green and Kisumu County.
British Government has announced funding worth millions of pounds to Kenya in renewed efforts to deepen trade and investment between the two countries.
The UK is keen on helping Kenyan exporters of agricultural produce to the UK, currently worth over Ksh 46 billion by increasing UK investment in value additional activities in Kenya and supporting the ‘Made in Kenya’ brand.
The Kenya Investment Authority has packaged bankable investment opportunities worth Ksh 2.3 trillion ($18 billion) that CS Kuria will present to UK investors. — NNN-KBC