NAIROBI, Kenya, Nov 17 – Trade volumes between Kenya and Kuwait are set to increase following the signing of two agreements on avoidance of double taxation and protection of foreign investments.
The two agreements were signed by National Treasury Cabinet Secretary Henry Rotich and the Kuwait government.
Kuwait Ambassador to Kenya Yaqub Alsanad said under the agreements, Kenya and Kuwait will avoid double taxation on income and capita, as well as promote and protect foreign investments in the two countries.
Alsanad also revealed that two other agreements on promotion of tourism and establishment of a joint commission of cooperation would be signed in Kuwait.
The envoy said his country was eager to expand investments globally, and particularly in Kenya where diverse untapped resources and a conducive business climate are ideal for partnerships.
He also disclosed that a meeting is planned between the chambers of commerce of the two countries.
“For twenty years, Kuwait used to import goods from Kenya something that has stopped now, the two chambers of commerce can deal with this,” he said.
He praised Kenya’s intervention in Somalia, saying it has reduced piracy in the Indian Ocean by 90 percent.
”Ships sailing to and from the Gulf can do so safety, thanks to Kenya,” Alsanad said.
He was speaking to the Presidential Strategic Communication Unit (PSCU) in Kuwait City ahead of the two-day Arab-Africa Summit that begins on Tuesday.
Alsanad said the summit will further strengthen relations between the Arab and African regions, specifically on economic cooperation through institutions such as the Kuwait Fund for Arab Economic Development.
“Japan, China and Europe want a foothold in Africa, but some of them have gone to Africa to benefit themselves. Kuwait is interested in development and investment for Africa and ourselves,” he pointed out.