Nairobi — The Kenya Investment Authority (KIA) and the Kenya China Chamber of Commerce and Industry have inked a Memorandum of Understanding (MOU) aimed at promoting investments in Kenya.

The China Chamber of Commerce and Industry, comprising various member organizations, is dedicated to facilitating trade between Chinese enterprises and Kenyan businesses.

This newly-formed MOU signifies a commitment to enhance cooperation across multiple fronts, including investment promotion, trade facilitation, capacity development, knowledge transfer, technology sharing, project identification, networking, and advocacy.

Moreover, the MOU seeks to strengthen bilateral trade relations between Kenya and China by identifying and addressing trade barriers, streamlining trade procedures, and sharing crucial information on market trends, trade policies, and regulations to assist Chinese enterprises in navigating the Kenyan market. Additionally, it will support training and capacity-building initiatives for prospective investors and entrepreneurs interested in the Kenyan market.

Moses Kuria, the Trade Cabinet Secretary, emphasized that the primary objective of this MOU is to establish a collaborative partnership that will substantially boost trade between Kenyan and Chinese business communities, ultimately attracting new investments to Kenya. "We will organize joint investment forums, showcase opportunities, disseminate information on market trends, offer training programs, and facilitate business matchmaking, all within the framework of this MOU," he stated.

And to ensure the effective implementation of the MOU's provisions, a monitoring committee, composed of representatives from both sides, will convene on a monthly basis. The MOU was officially signed by June Chepkemei, Chief Executive Officer of KIA, and Chen Congcong, representing the Kenya China Chamber of Commerce and Industry.