Egyptian companies are in Kenya to explore potential partnership areas as the two states look to grow trade beyond traditional commodities like tea.
Through the Egypt- Kenya Business Bridge Forum the firms seek to expand operations in areas like metal and pipes, sanitation, banking, logistics, footwear, chemicals, glass, packaging and kitchenware.
This comes at a time that Egypt has been pushing to foster economic partnerships within the East African region with Kenya as a launch pad.
The Egyptians are equally eyeing Kenya's banking sector as one that presents lucrative opportunities for country’s financial institutions seeking to expand their footprint in East Africa's financial hub.
Egypt’s largest private sector listed bank, the Commercial International Bank (CIB), says it is gearing up to bolster trade relations with East Africa, with Kenya serving as its launch pad into the Sub-Saharan region.
The increasing adoption of digital banking services and the rise of fintech startups in Kenya have attracted Egyptian banks keen on offering innovative financial products and services to cater to the evolving needs of Kenyan consumers and businesses.
“The trade between Kenya and Egypt is quite balanced in the sense that, Egypt is the second largest importer of Kenya’s Tea, after Pakistan so in that regard there are sufficient policies put in place to be able to facilitate that especially between the two countries,” said CIB Kenya Acting CEO Daphne Maina.
The firms also look to capitalise on Kenya's construction boom and infrastructure development projects.
In the area of logistics, Egyptian companies are eyeing Kenya's strategic location as a gateway to the broader East African market.
With Kenya's improving infrastructure and efficient transportation networks, Egyptian logistics firms see the country as a pivotal hub for expanding their distribution networks and streamlining supply chain operations across the region.
Companies specialising in chemicals, glass packaging, and kitchenware are exploring opportunities to cater to Kenya's manufacturing sector and consumer goods industry.
Trade data reveals a steady increase in trade volume between Egypt and Kenya, reaching $663.6 million (sH94.7 billion) in 2022.
Key imports from Kenya to Egypt include coffee and tea, while Egypt exports paper, plastics, and sugar products to Kenya.
Egypt is the second largest importer of Kenyan tea valued at $243.38 Million (Sh34.7billion) during 2022, according to the United Nations COMTRADE database on international trade.
