Kenya’s Private Sector Alliance (KEPSA), in collaboration with the Sharjah Chamber of Commerce and Industry, launched the UAE–Kenya Trade and Investment Forum today, marking a significant moment in fostering bilateral trade and investment between Kenya and the United Arab Emirates (UAE). The two-day event, taking place in Nairobi, aims to bring Kenyan industry leaders and policymakers together with a delegation of 15 UAE companies, setting the stage for enhanced economic cooperation, investment opportunities, and a shared vision for regional growth.

The forum kicked off with a formal opening session graced by Kenya’s Cabinet Secretary for Investments, Trade, and Industry, Hon. Salim Mvurya. H.E Abdullah Sultan Al-Owais, Chairman of the Sharjah Chamber of Commerce and Industry, led the UAE delegation, while Ms. Carole Kariuki, KEPSA CEO, and Mr. James Mureu, Chair of the KEPSA Economic Diplomacy Sector Board, represented Kenya’s private sector.

Key Areas of Discussion and Investment

Kenya and the UAE have witnessed substantial growth in bilateral trade, which reached over $3.06 billion in 2023—a 26.4% increase from the previous year. This growth underpins the motivation behind the current forum, which explores strategic sectors such as logistics, renewable energy, technology, finance, and more. Kenya’s strategic location as a gateway to East Africa and its potential as a bridge to broader African markets offer UAE investors a unique opportunity to tap into a dynamic and fast-growing region.

In his remarks, Hon. Mvurya emphasized Kenya’s dedication to expanding its Comprehensive Economic Partnership Agreement (CEPA) with the UAE. This agreement, currently in development, is expected to stimulate trade and attract investment by removing barriers, offering incentives, and providing access to specialized economic zones. He also highlighted Kenya’s highly skilled workforce and government-led initiatives to attract foreign investment through tax breaks, streamlined processes, and supportive infrastructure in sectors like manufacturing, agriculture, and tourism.

“The private sector is a vital driver of Kenya’s economic transformation,” Mvurya stated. “We are keen to see increased UAE investments that will boost industrialization, create jobs, and enhance economic activity across multiple sectors.”

H.E. Abdullah Sultan Al-Owais echoed this sentiment, expressing confidence that this forum would deepen ties between the UAE and Kenya and promote economic cooperation. He noted that the Sharjah Chamber is committed to strengthening cultural and economic relationships with African countries, with Kenya being a key partner due to its growing economy and strategic importance in the region. “We see Kenya as a leading hub for trade and investment, not only in East Africa but across the continent,” Al-Owais remarked.

Leveraging Youthful Demographics and Economic Transformation

Ms. Carole Kariuki, CEO of KEPSA, addressed the unique demographic advantage Africa holds, with youth comprising approximately 65% of the population. This demographic trend presents an opportunity for growth in sectors requiring innovation, creativity, and labor force participation. Kariuki highlighted that Kenyan businesses can gain valuable insights from the UAE’s advanced experience in areas such as logistics, renewable energy, technology, and finance.

“We believe this forum can be a catalyst for long-term Gulf-East Africa engagement, facilitating market access, job creation, and stronger regional integration,” said Kariuki. She also emphasized KEPSA’s role in advocating for business-friendly policies to stimulate private sector-led growth, creating an environment conducive to the UAE’s investments.

Networking and Collaboration Opportunities

A key component of the forum is the business-to-business (B2B) networking sessions scheduled for the second day. These sessions are expected to facilitate targeted discussions, foster partnerships, and offer practical insights into Kenya’s investment climate. Kenyan companies have the chance to showcase their products, services, and potential collaborations with UAE investors across various sectors. The B2B engagements also open doors for knowledge-sharing and exploring best practices that could drive innovation and operational efficiency in Kenya’s industries.

Mr. Alfred K’Ombudo, Principal Secretary for Trade, along with other notable figures like Mr. Tobias Alando, Acting CEO of the Kenya Association of Manufacturers (KAM), and Ms. Florence Benta, Acting Managing Director of the Kenya Investment Authority, were also present. Their participation underscores the Kenyan government’s active support for fostering foreign investments and building lasting trade alliances.

Sharjah’s Vision for Expanding Africa-UAE Relations

The UAE delegation highlighted the value of expanding non-oil trade with Africa, particularly with Kenya, as part of the UAE’s broader strategy to diversify its economy. The UAE has been shifting its focus towards sustainable economic relationships that transcend oil, placing greater emphasis on sectors such as renewable energy, logistics, and digital technology. This strategy aligns well with Kenya’s Vision 2030, a national blueprint aiming to transform Kenya into a middle-income country through advancements in infrastructure, science and technology, and innovation.

H.E. Al-Owais underscored the importance of reinforcing non-oil partnerships as a step toward long-term economic stability for both countries. He acknowledged Kenya’s commitment to reducing its reliance on imported energy by investing in renewable resources, such as geothermal and wind energy. This vision resonates with the UAE’s experience in the renewable energy sector, including solar and wind power innovations that could offer Kenya valuable insights and technological support.

Highlights from the Welcome Dinner and Networking

The forum’s launch was preceded by a welcome dinner, jointly hosted by the Sharjah Chamber of Commerce, represented by H.E. Abdullah Sultan Al-Owais, and KEPSA’s Mr. James Mureu. The dinner welcomed prominent business figures, including H.E. Dr. Irungu Kang’ata, Governor of Murang’a County; Mr. Ahmed Farah, CEO of the Kenya National Chamber of Commerce and Industry (KNCCI); Ms. Floice Mukabana, CEO of the Kenya Export Promotion and Branding Agency (KEPROBA); and Dr. Vimal Shah, Chairman of Bidco Africa and KEPSA Trustee.

This gathering provided an informal setting for Kenyan and UAE stakeholders to engage in preliminary discussions, establish connections, and discuss potential collaborative projects in a relaxed environment. The event laid the groundwork for the formal B2B meetings that will follow, setting the tone for productive and mutually beneficial partnerships.

Kenya’s Competitive Advantages and Investment Potential

Kenya’s robust economy and strategic location make it an attractive investment destination within Africa. With access to key regional markets and a commitment to economic reform, the country offers a wealth of investment opportunities in sectors such as agriculture, infrastructure, manufacturing, tourism, and technology. The Kenyan government has also made substantial improvements in infrastructure, exemplified by the construction of the Standard Gauge Railway (SGR) and expansion of road networks, which enhance connectivity to neighboring countries.

Hon. Mvurya highlighted Kenya’s export processing zones (EPZs) and special economic zones (SEZs) as critical components in attracting foreign investment. These zones offer incentives such as tax breaks, duty-free imports, and streamlined regulatory processes that reduce the cost and complexity of doing business.

Strengthening Bilateral Relations through Cultural Exchange

Beyond economics, both countries are keen to foster cultural exchanges that deepen the people-to-people connections underpinning trade and investment. The UAE has a rich history of embracing multiculturalism, while Kenya’s cultural diversity makes it a vibrant and inclusive society. H.E. Al-Owais emphasized that strong cultural ties can complement economic relationships, building trust and understanding that pave the way for collaborative growth.

Anticipated Outcomes and Future Collaborations

As the UAE–Kenya Trade and Investment Forum concludes, both countries anticipate positive outcomes, including agreements for joint ventures, increased trade, and stronger diplomatic ties. The forum serves as a model for Gulf-East Africa collaboration, with potential ripple effects across the region. UAE businesses are likely to leverage Kenya as a base to explore broader African markets, while Kenyan companies may use partnerships to access Gulf markets and beyond.

By the end of the forum, participants are expected to have gained a deeper understanding of the benefits of trade partnerships, leaving with a strengthened commitment to harnessing economic and cultural synergies.

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photo source: Google

By: Montel Kamau

Serrari Financial Analyst

12th November, 2024