NAIROBI, Kenya, Apr 13 – The UK Government’s Department for International Trade, and Kenya’s Investment Authority, have signed a Memorandum of Understanding (MoU) aimed at helping make bilateral business between the two countries easier.
The UK’s Minister for International Trade, Greg Hands, signed the Memorandum of Understanding on day one of a two day trip to Kenya.
Hands says the MoU will play an important role in promoting further investment between the UK and Kenya, and vice versa.
Areas of collaboration covered by the MoU include Exchange of Information; Promotion of Services; Showcasing of Investment Opportunities; Servicing Investors; Informing Policy and Partnering on Investment Promotion and Networking activities.
“Britain and Kenya share a uniquely strong commercial bond. The UK is the largest foreign investor in Kenya and together British invested companies constitute 70% of the Nairobi securities exchanges,” he said.
On her part, the Principal Secretary for Industrialization and Investment, Betty Maina, lauded the role the UK has played in Kenya’s economy and invited UK investors to consider the immense business opportunities presented by the ‘Big 4’ Agenda.
There are over 250 British companies operating in Kenya, seven of which are among the top 10 corporate taxpayers.
“Kenya Investment Authority has been working in close collaboration with the British High Commission for a while now and formalization of this working relationship will strengthen our economic ties with the UK,” said Moses Ikiara, MD, Kenya Investment Authority.
During his visit Hands will also: launch the UK-Kenya Economic Development Forum alongside Kenyan Cabinet Ministers; visit British businesses already operating in Kenya, and meet with Kenyan business women ahead of discussions on female entrepreneurship at the Commonwealth Heads of Government meeting in London next week.