Kenya, China Sign Sh63 Billion Business Deals for ICT, Pharmaceutical, Engineering

17 October 2023
Capital FM (Nairobi)
By Phidel Kizito

Kenya and China have signed business deals worth Sh63 billion covering an array of sectors including ICT, pharmaceuticals as well as engineering.

The signing was done during the Kenya-China investment forum hosted by President William Ruto on the sidelines of the Third Belt and Road Forum in Beijing, China.

Speaking during the event, the head of state averred that the deal is a strong testament of the high confidence China has in Kenya.

"These deals demonstrate the investors' strong faith in China's visionary Belt and Road Initiative, show profound faith in the dynamic Kenya-China Strategic Comprehensive Partnership, and exhibit tremendous confidence in Kenya's bottom-up economic transformation agenda.

These frameworks are very intentional efforts to expand the spectrum, enhance the scale and increase collaboration," said the head of state.

"I also recognise the astute entrepreneurs, including Inner Mongolia Mingxu Electric Power Engineering Co. Ltd, Dongfeng Vinci Automobile Co. Limited, Guangdong Qiya Exhibition Co. Ltd, and Gaochuang Import and Export, "he added.

The head of state further seized the opportunity to reveal strong ties of cooperation between Kenya and China indicating that China has rapidly risen to become Kenya's leading trading partner as of last year.

Currently, Kenya's exports to China stands at $233.8 million, while China's exports to Kenya are valued at $3.8 billion.

Read the original article on Capital FM.

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