22 firms from Norway to invest in Kenya

August 29, 2014
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, KENINVEST-NORWAYNAIROBI, Kenya Aug 29 – Twenty two companies from Norway are set to invest in Kenya after having identified projects and opportunities in the country.

Kenya Investment Authority Managing Director Moses Ikiara says the companies have identified 35 projects and opportunities in different sectors that include oil and gas, agribusiness, renewable energy as well as industrial aqua business.

The companies are seeking joint ventures with Small and Medium Enterprises (SMEs) as well as public private partnerships with County Governments.

“The Norwegian Government Agency for Trade, Investment Promotion is assisting the companies with entry into the market, both for trade and investment related opportunities after setting up its first office for the East African region in Nairobi in February 2014,” he said.

He was speaking at the signing ceremony of a Memorandum of Understanding between The Norwegian Agency for Trade, Investment Promotion and Kenya Investment Authority to increase trade, investments and economic development in the country.

Areas of collaboration will include indentifying trade and investment opportunities suitable for promotion to Norwegian Companies as well as support and move for the execution of a suitable taxation agreement between Kenya and Norway.

Others include advice and guide interested investors and traders on policies opportunities and guidelines for investment and trade bilaterally as well as organising trade and investment delegations and fairs between the two countries.

Total trade volume between Kenya and Norway in 2013 stood at Sh6 million.

“We need to increase the number of Norwegian companies investing in the country so as our SMEs can gain relevant technology and knowhow,” Ikiara said.

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