Kenya and Indonesia plan to pursue various trade investment opportunities to foster trade between the two nations.
Focus will be on agriculture, textile, pharmaceutical and edible oils sectors.
Among them is the plan by the Indonesian state-owned oil and natural gas corporation Pertamina, to invest in the upstream oil and gas industry and the geothermal sector in the country.
The two states will also plan to facilitate cooperation between the Indonesian local vaccine manufacturer Bio Farma, and the Kenyan state owned enterprise on vaccines.
They further plan for a distribution deal with Combiphar, an Indonesian modern consumer healthcare company that produces and markets prescription and over the counter products, with the local firms.
Indonesia plans to enhance livestock imports from Kenya as Indonesian textile companies mull to further invest in the country.
The agreements follow the recent state visit by Indonesian's Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan.
He led a two-day delegation of high-ranking officials from ministries and institutions and state-owned and private companies.
"We believe that the many potentials, both in government-to-government and business-to-business, are significant in strengthening relations between our two countries," Luhut said.
He said Kenya holds a strategic trading location, making it a vital commodity hub with high economic value to a broader market with more than 300 million people in countries around, including Uganda, South Sudan, Rwanda and DRC.
The 2023 Economic Survey shows Kenya imported goods worth Sh27. 1 billion from Indonesia last year, against an export value of Sh1.1 billion.
The Indonesian imports were however at a five-year low and a drop from Sh44.4 billion in 2021, while Kenya’s exports were a gain from Sh912 million.
Kenya mainly exports tea, leather, metallic and peroxy salts, tobacco, vegetable textile fibers, essential oils, jute and other textile fibers, vegetables (fresh, chilled, frozen), coffee, and coffee substitutes to Indonesia.
The country imports palm oil, paper and paperboard, animal or vegetable fats and oils, margarine, natural rubber, electrical and non-electrical equipment, glass, apparel and clothing accessories.
