Investments in agriculture, financial technology, industrial parks and climate financing rank top in Cabinet Secretary Moses Kuria's list as he markets Kenya to the UK investors.
The Investments, Trade and Industry CS is leading a Kenyan delegation to The UK for talks around the Economic Partnership Agreement (EPA).
The deal was signed in post-Brexit era, on December 2020 and ratified in March 2021, to safeguard market access and investments.
Among the key objectives of the London meeting is to provide full duty-free and quota-free market access conditions for goods originating in EAC Partner States into the UK market on a secure, long- term and predictable basis.
It also seeks to preserve and improve market access conditions to ensure that Kenya fully benefits from the EPA.
Kenya is using the London talks to also pitch for investment opportunities as the country eyes about $10 billion (Sh1.31 trillion) in Direct Foreign Investments from the UK.
On Wednesday, Kuria oversaw the signing of a $250 million (Sh32.8 billion) climate-smart agriculture and food security investment deal between UK-based investment group United Green Group (UG) and the Kisumu county government.
The programme is aimed at delivering agri-fintech services for rural communities, high productivity climate-smart farming and agro-industrial facilities, creating new markets for markers in the Lake Victoria basin region over the next five years.
The investment, via a local joint venture Kenyan company ‘Victoria Green Investment’ seeks to improver food security for Kenya and the region.
“The venture will reduce Kenya’s dependence on importing food commodities by approximately $200 million (Sh26.3 billion) annually, thus reducing Kenya’s trade deficit,” a joint statement reads.
The country’s trade deficit widened to Sh1.407 trillion in 2021 as the value of imports greatly outweighed export earnings.
The Economic Survey 2022 puts the value of imports at Sh2.151 trillion in 2021 up from Sh1.643 trillion in 2020, a 30.9 per cent growth.
This offset gains made in exports earnings, which grew 15.5 per cent to Sh743.7 billion, up from Sh643.7 billion the previous year.
This offset gains made in exports earnings, which grew 15.5 per cent to Sh743.7 billion, up from Sh643.7 billion the previous year.
CS Kuria who is accompanied by five PS's and chiefs from key parastatals has also pitched for investment in industrial parks, fresh produce and horticultural sector.
"We will work with the Fresh Produce Consortium of the UK to mirror the Spitalfields Concept in all our 47 county aggregation and industrial parks and over 200 constituency industrial centres in Kenya,” Kuria said.
The new Spitalfields Market in London handles fresh produce imports from 190 countries around the world, including Kenya.
Kenya and the UK are also mulling over the forging a co-investment partnership to attract investments in renewable energy and climate finance.
This is along increasing trade, which the first Economic Partnership Agreement (EPA) meeting focused on.
While the pact gives Kenya quota free access to her exports, it has also benefitted over 2,500 UK businesses exporting goods to Kenya each year, providing frictionless trade.
British companies employ some 250,000 Kenyans.
Kenya Investment Authority (KenInvest) has packaged bankable investment opportunities worth $18 billion (approximately Sh2.3 trillion) that CS Moses Kuria is presenting to UK investors during his visit.
