Nairobi — The Kenya Investment Authority and the Kenya China Chamber of Commerce and Industry have signed a Memorandum of Understanding aimed at fostering investment in Kenya.

The Chinese organisation, comprising member organisations, is dedicated to facilitating trade between Chinese enterprises and Kenyan businesses.

The MOU encompasses various aspects of collaboration, including investment promotion, trade facilitation, capacity development, knowledge and technology transfer, project identification, networking, and advocacy.

Furthermore, it seeks to bolster bilateral trade relations between Kenya and China by identifying and rectifying trade barriers, streamlining trade procedures, and sharing information on market trends, trade policies, and regulations to assist Chinese enterprises in navigating the Kenyan market.

Additionally, it will promote training and capacity-building initiatives for prospective investors and entrepreneurs interested in the Kenyan market.

Trade Cabinet Secretary Moses Kuria said the primary aim of the MOU is to establish a collaborative partnership that will significantly boost trade between the Kenyan and Chinese business communities, ultimately attracting fresh investments to Kenya.

"We will hold joint investment forums, showcase opportunities, share information and market trends, organise trainings and conduct business matchmaking among other activities under the ambit of this MOU," he said.

To ensure the MOU's effective implementation, a monitoring committee, composed of representatives from both sides, will convene on a monthly basis.

The deal was inked by KIA Chief Executive Officer June Chepkemei and Kenya China Chamber of Commerce Industry Chen Congcong.