NAIROBI, Kenya, Nov 17 – A trade delegation is in Kenya to explore investment opportunities in the information communication technology and coffee sector.
The delegation – which is in the country courtesy of an invite and a follow up to a memorandum of understanding signed between the Kenya National Chamber of Commerce and Industry and the Estonian equivalent earlier in the year—are looking for tea dealers to supply their country with quality coffee and in reverse a local partnership in fleet management, traffic jam control and border clearance.
Speaking at the business forum, KNCCI chief executive officer, Wamatanda Wabuyele said that the visit presents Kenyans with trade opportunities in both Estonia as tea exporters and in Kenya as partners with two leading Estonian ICT firms whose heads are in the country for a two-day trip.
“Kenyans need to look for business opportunities in Estonia as their coffee consumption is just beginning to pick up. Estonia is also known globally for their excellence in E-Governance where Kenya is just beginning to embrace,” said Wabuyele.
Among the Estonian companies that have shown interest in investing in Kenya are the coffee roasters-Coffee People who are looking to buy coffee directly from farmers. ICT firm GOSwift, which designs and operates queue management services, is also looking for investment opportunities. There is also Reach-U which is specializes in location based solutions, GIS and cartography.
Statistics indicate that trade between Kenya and Estonia grew from Sh9, 522,233 (EURO 112,026) in 2006 to Sh524, 268,743 (EURO 4.8 million) in 2015—however, the balance of trade continues to be in favor of Estonia.
In 2015, Kenya’s exports of goods to the Estonia were valued at Euro 1,813,960 while imports stood at Euro 2,947,870. Kenya’s main exports comprised mainly of flowers, fruits and vegetables, coffee, tea and chemicals while Imports consisted mainly of cereals, paper and paper products, furniture and stuffed furnishings, mineral fuels, vehicles and rubber articles.
Estonia chambers chief executive Mart Palts said that Estonia ranks very well globally in ease of doing business.
In Estonia, one needs a minimum capital of 2,500 Euros (Sh274, 825) to open a company and the law allows for 100 percent share ownership as a foreigner.
Estonia is also the global leader in e-governance and main technological exports to Kenya and the world include Skype and taxi hailing app Taxify which is due to launch her operations in Kenya.