Kenya’s trade team in UK, eyes Sh2.3tr deal

Kenya Investment Authority has packaged bankable investment deals worth $18 billion (Sh2.3 trillion) that Cabinet Secretary for Investment, Trade, and Industry (MITI) Moses Kuria will present to UK investors this week.

The investment package forms part of the Economic Partnership Agreement (EPA) and Investment meeting that Kenya will leverage, to intensify pitches to investors in efforts to net a $10 billion (Sh1.3 trillion) target in terms of Foreign Direct Investments (FDI) this year.

The forum is being held through a Ministerial Council meeting on the EPAs, that took place yesterday in London, providing a platform to explore opportunities between the two countries to grow the economic relationships and mutual prosperity.

Investment partnership

Kenyan delegation includes Kisumu Governor Peter Nyong’o, whose county will ink a Sh30 billion agriculture and food security investment partnership with UK -based investment group United Green, to revolutionise food production and agriculture in the entire county. 

The partnership agreement was signed on December 8, 2020 and ratified in March 2021 to provide full duty-free and quota-free market access conditions for goods originating in the East African Community (EAC) Partner States into the UK market on a secure, long- term and predictable basis.

It is also meant to preserve and improve market access conditions to ensure that Kenya fully benefits from the EPA. 

“In economic terms, the EPA provides a good framework for strengthening of the strategic co-operation between Kenya and UK in the areas of trade, investment, research, innovation and development; value addition and capacity building, among others,” MITI noted in a statement. The co-operation is aimed at encouraging and promoting improved relations at both Government and private sector level, it added. The economic partnership agreement allows Kenya and UK to maintain trade relations post Brexit and grants Kenyan goods. 

According to the statement, the London is keen on helping Kenyan exporters of agricultural produce, particularly horticulture exports duty- free access to the UK, currently worth over £300 million (Sh46 billion) annually by increasing investment in value-addition activities in Kenya and supporting the “Made in Kenya” brand. 

The EPA Council co-chaired by Kuria comprises CSs for National Treasury and Planning Njuguna Ndung’u, East African Community and Regional Development, Agriculture, Livestock and Fisheries and the Attorney General. 

Private sector

Participants are drawn from senior government and private sector officials, including Principal Secretaries and CEOs representing various relevant government agencies from Kenya as well as government and private sector players from the UK. 

The private sector is represented by its umbrella organization Kenya Private Sector Alliance (Kepsa) through Bimal Kantaria (MD Elgon Kenya Ltd), Fresh Produce Exporters Association and The Kenya Flower Council.