The Kenya Private Sector Alliance (KEPSA) and the Canada-Africa Chamber of Business (CACB) have entered into an agreement to accelerate Canada-Kenya trade and investment.
The two intend to collaborate in promoting, support and facilitation of bilateral trade and investment opportunities from Canada into Kenya.
The first engagement will be a virtual trade mission to Kenya from Canada in May.
The three-year agreement MoU was signed on Wednesday during the Second Session of the Binational Commission meeting between the governments of Kenya and Canada–and is subject to ongoing renewal.
“This MoU will solidify the existing trade relations between Kenya and Canada and establish strong bonds between the two countries that will go a long way to boost private sector trade and investment, "KEPSA chief executive Carole Karuga said.
KEPSA is the apex body of the private sector in Kenya.
The Canada-Africa Chamber of Business is a 27-years old organization committed to accelerating trade, business, and investment between Canada and Africa.
"Nairobi is a vital gateway not just to Kenya and the region, but the continent’s economies of the future in Africa," said Garreth Bloor, President, Canada-Africa Chamber of Business.
The joint intended results of the co-operation agreement between the chamber and KEPSA seeks to increase two-way trade and investment between Canada and Kenya in all sectors while laying the foundations to explore trade missions to Kenya, CACB chair Spio-Garbrah noted.
Guided the MoU, CACB and KEPSA will work together towards on a case-by-case basis exploring events together, exchange of business information and reciprocity members of the alliance to enjoy the privileges of membership.
This is afforded to CACB members, and will ensure KEPSA members are well-positioned in the Canadian market for investment and trade in all sectors.
CACB members will also be "well-positioned" in the Kenyan market for investment and trade in all sectors.
“As KEPSA, we remain committed to establishing progressive business and trade partnerships with Canada and other similar minded parties for the mutual benefit of our members as well as those of our CACB counterparts,” Karuga said.
In 2018, two-way merchandise trade reached $174.5 million (Sh18.7 billion).
This consisted of $141.4 million (Sh15.1 billion )in exports to Kenya and $33.1 million (Sh1.4 billion) in imports from Kenya.
Exports to Kenya mainly include vehicles and equipment, vegetable products, and textile products. Imports from Kenya are primarily vegetable products and textile products.
