NAIROBI, Kenya, Mar 11 – Canada has launched talks with the Kenyan government on Foreign Investments Promotion and Protection Agreement (FIPA) with Kenya.
Canada’s Minister of International Trade Ed Fast and the Chairman of Kenya’s Senate Standing Committee on Agriculture, Land and Natural Resources Lenny Kivuti, announced the launch of negotiations that will see investments increase between the two countries.
Canada has a well established trading relationship with Kenya, which has the potential to expand significantly especially in the mining sector with Canadian mining assets amounting to Sh1.6 billion ($19 million).
Other major areas for future Canadian investment could include aircraft service centres, call centres and hotels as well as clean technologies, transportation infrastructure and education.
The announcement was made at the Prospectors and Developers Association of Canada’s International Convention, Trade Show and Investors Exchange in Toronto, Canada.
FIPA is a treaty designed to protect Canadian investment abroad and promote foreign investment in Canada through reciprocal, legally binding provisions.
FIPA gives businesses greater confidence in investing by ensuring greater protection against discriminatory and arbitrary practices and by enhancing the predictability of a market’s policy framework.