Kenya woos Iran investors

February 25, 2009 12:00 am

, NAIROBI, Kenya, Feb 25 – President Mwai Kibaki has extended an invitation to Iranian businessmen to take up investment opportunities in the local engineering and technical sectors.

Speaking during a State banquet in honour of visiting Iranian President Dr Mahmoud Ahmadinejad, President Kibaki urged the investors to take advantage of opportunities available mainly in the infrastructure and development sectors.

“I wish to assure Iranian investors that Kenya is open and safe for investments.  Kenya offers a wide range of mutually beneficial investment opportunities in manufacturing, public utilities such as power generation, water supply, telecommunications, and infrastructure development among others,” he said. 

The President noted that there existed economic opportunities for all categories of investors in the country.

“Investing in Kenya will enable Iranian investors to take advantage of Kenya’s strategic location as a gateway to the wider East African Community and COMESA region with a market of close to half a billion people,” he said.

President Kibaki said his government had given infrastructural development the highest priority to guarantee fast and efficient transportation of goods and movement of people.

He however urged for balanced trade between the two countries.

“Kenya and Iran have developed close economic and trade ties; the volume of trade between our two countries currently stands at Sh7b.  However, the balance of trade is heavily tilted in favour of Iran. It is important that this gap is bridged through increased Iranian imports from Kenya as well as investments,” President Kibaki said.

He said the signing of agreements on avoidance of double taxation, encouragement and promotion of investments, customs co-operation, and harmonization of standards will go a long way in enhancing trade relations between our two countries.

Mr Ahmadinejad’s two-day visit to Kenya is aimed at significantly boosting trade and improving political ties.


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