Kenya eyes Sh5b from China through expo
Kenya is eying over Sh5 billion worth of investments from China as the country prepares to host 200 businesses from the Asian nation next week at the Kenya International Industrial Expo in Nairobi.
According to Kenya Investment Authority (KenInvest) Managing Director June Chepkemei, foreign direct investment (FDI) from China currently stands at Sh48.7 billion amid plans to increase the figure by 10 per cent.
In June 2023, China exported $639 million and imported $17.2 million from Kenya, resulting in a positive trade balance of $621 million.
Both nations are committed to deepening ties and bridge the existing trade imbalance and attract more foreign direct investment (FDI).
“In a bid to support the government’s initiative and promote more exports from Kenya, we are introducing another name to the Expo called Kenya Import & Export Fair.
This is a new model aimed at promoting the Kenya-China import and export sector, aiming to connect buyers and suppliers from the two countries in areas like consumer goods, agricultural sector and mining sector,” said Gao Wei, Managing Director of Afripeak Expo Kenya ltd.
The Kenya National Bureau of Statistics (KNBS) data shows that bilateral trade between Kenya and China has increased by 25 per cent by the end of last year and currently stands at USD 5.3 billion.
Over the last decade, KenInvest) has registered and facilitated 313 Chinese investment projects with a total value of $1.55 billion.
This shows that China has helped create employment for the locals and this expo stamps the bilateral trade ties that these two great countries share.