Nairobi — Kenya and the UK yesterday evening signed a memorandum of understanding (MoU) on market access and business integrity between the Ministry of Investments, Trade, and Industry (MITI) and the British Chamber of Commerce Kenya (BCCK).
The MoU, which was witnessed by the UK Prime Minister's Trade Envoy Theo Clarke, enables MITI and BCCK to identify and recommend areas for reform in Kenya's business regulatory environment.
One of the ways to facilitate this is through the annual high-level public-private dialogue with industry leaders.
Through the MoU, both organizations will be knowledge partners who will be feeding back government data and insights around integrity issues impacting trade and investment.
The MOU will be operationalized through an engagement program between key public sector bodies, including KRA, KEBS, Customs, EACC, the Judiciary, and the private sector.
"Ethical business conduct and adhering to fair trade practices are key to attracting international investors, helping drive Kenya's economic transformation," PS Abubakar Hassan Abubakar for Investment said.
"This MOU provides a framework for developing targeted strategies to build trust with our international trade partners."
The Pact between BCCK and the Ministry's Department of Business Reforms and Transformation (DBRT) on the Business Integrity Initiative will provide two of three pieces of guidance on doing business, managing the Business Integrity Index, supporting peer-to-peer networking, and promoting Kenya as a trusted trading partner for the UK.
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"By promoting integrity in partnership with the Government of Kenya, we are creating a favourable environment for trade and investments," Clarke said.
"I was delighted to attend the launch of the Business Integrity Initiative in 2019, and the recent legislation shows continued commitment to deepening our economic relationship."
Clarke, who is on a three-day visit to Kenya, also visited Nairobi Railway City alongside Managing Director of Kenya Railways Philip Mainga.
The project is part of the Sh500 billion green infrastructure projects that President William Ruto and the UK's Prime Minister Rishi Sunak agreed to fast-track in November 2022.
She will also meet Kenyan women in business on a knowledge-sharing platform that will offer practical insights to enhance their leadership skills and resilience.
"The Chamber and our members are committed to working with Kenyan authorities to improve the trade landscape. Through the Business Integrity Initiative, we have built a good understanding of what it takes to build confidence among trade partners," Sonal Tejpar, Chairperson, BCCK, stated.
"The DBRT team has a strong mandate to bring all arms of government together to reduce trade barriers. We're excited about what we can do together under this MOU."
