President William Ruto attending the Future Investment Initiative Summit in Riyadh, Saudi Arabia on October 24, 2023. |
The United Arab Emirates (UAE) has finalised negotiations for a trade deal with Kenya aimed at enhancing investment between the two regions.
Trade Cabinet Secretary Rebecca Miano announced the
commencement of talks for a Comprehensive Economic Partnership Agreement (CEPA)
on Friday, February 23.
Speaking after the conclusion of the talks, UAE’s Minister
of Foreign Trade Thani bin Ahmed Al-Zeyoudi described the new agreement as
marking a significant milestone.
"Kenya's services sector, which accounts for 53.6 per
cent of Kenya’s economy, and agriculture sector, comprising around a quarter of
the national GDP, offer vast potential for UAE businesses looking to expand
into the region," Al-Zeyoudi commented.
Since signing its first bilateral trade agreement with India
in 2022, Kenya has emerged as the first African country to negotiate this
partnership deal.
If the deal sails through, investments in the
infrastructure, ICT, and logistics sectors, will receive a significant boost.
Additionally, it will expand the platform for cooperation and expansion of
small and medium enterprises on both sides.
“It is a testament to our commitment to strengthening
economic ties with the African continent and to creating new opportunities for
businesses and investors in both of our countries," Ahmed Al-Zeyoudi
added.
According to him, the deal will not only boost trade and
investment but also foster innovation and sustainable growth in Kenya's key
sectors.
“We look forward to deepening our relationship with Kenya
and to further expanding our presence in Africa as a trusted partner and
investor," he further clarified.
So far, only India, Israel, Cambodia, Turkey, and Indonesia
have signed the trade deal.
On her side, CS Miano noted that Kenya is looking forward to
the implementation of the deal and the mutual benefits it is set to deliver.
"The Comprehensive Economic Partnership Agreement with the United Arab Emirates will play a key role in these efforts, enabling our exports to reach important markets in Asia and the Middle East, and also in stimulating the investment inflows that will further develop our national capabilities," CS Miano stated.
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