Chinese companies are planning to increase their market share in Kenya and are currently hosting a three-day trade event in Nairobi.
The firms hope to set up factories, enter into joint production ventures and distributorship to increase their presence in the local market.
The eight edition of the China Trade Week, which has attracted more than 80, Chinese, United Arab Emirates and local investors aims at fostering partnership.
The Business-to-Business forum (B2B) at KICC also aims at expanding relations between Chines production companies and interested investors in the Kenyan market.
The exhibitors comprise of producers and investors from the sectors of construction, agribusiness and fashion.
They also seek to be part of the Buy Kenya Build Kenya initiative intended to drive Kenya's manufacturing sector, which the government aims at delivering at least 15 percent of the Gross Domestic Product (GDP).
Principal Secretary for the State Department of Tourism, John Ololtuaa, who officially called for meaningful collaboration and urged exhibitors and delegates to explore Kenya’s rich tourism offerings.
"Over the years CTW has become a vital platform fostering international trade and partnerships,” said Ololtuaa.
The first day saw the signing of Memoranda of Understanding (MoU) including FAB Africa and Hey Babe for the FABHey Babe Festival in Kenya, and a strategic partnership between CTW and Kenya National Chamber of Commerce and Industry (KNCCI) Nairobi Chapter, enhancing collaboration.
The CTW Kenya will also introduce the Africa food show, Africa build show and the exclusive Africa eDigital connect summit.
Vice president of Strategy and partnerships at Middle East International Exhibition (MIE) Groups Zahoor Ahmed, said they will continue to drive Direct Foreign investment (FDI) in key source markets from Asia and the Gulf Cooperation Council (GCC) to focus on Africa
"Today we are excited to launch many new platforms including the eDigital Africa Summit," said Ahmed.
The CTW has been taking place online for the past three years following the Covid-19 outbreak but is now back to in-person events.
China is among Kenya’s top export markets accounting for 18 per cent market share followed by UAE (16 per cent), India (10 per cent) and Saudi Arabia (5 per cent).
The country has become Africa’s largest trading partner for 14 consecutive years with total goods traded in 2022 alone increasing by 10 per cent to $282 (Sh39.4 trillion).
Africa’s major exports to China are mineral products, base metals, jewellery, precious metals and its products, plant products, food, beverages, wine and vinegar, tobacco and textile raw materials.
