The United Kingdom (UK), in partnership with Kenya, is seeking to create a gateway to African investment opportunities by enhancing trade and economic diplomacy between the two nations.
State Department for Investment Promotions Principal Secretary (PS), Abubakar Hassan Abubakar, stated that his department is working with the British Chambers of Commerce and the UK Embassy to allow the set-up of business organisations in both countries.
‘Kenya and the UK enjoy a warm relationship based on our strategic partnership, and our focus is on economic diplomacy, where we are strengthening our investment and trade relationships,’ he said.
Speaking in Nairobi on Tuesday during a UK-Kenya Trade Mission meeting, the PS revealed that Kenya not only has a bilateral investment treaty with the UK but also a double taxation and trade agreement with the country.
‘These are three essential instruments needed to support any investment relationships with a foreign investor,’ noted Abubakar.
He revealed that with continued p
artnership with the UK, the country has been able to be one of the largest foreign investors in Kenya.
‘Currently, we have over 150 British enterprises in Kenya in different sectors all over the country, and we are looking for more opportunities,’ Abubakar noted.
The PS mentioned that the government, through the Ministry, has come up with many reforms in the business environment through the Finance Bill and the Business Amendment Bill.
‘Our investment opportunities rely on our economic model, which is based on our five pillars for development, such as universal healthcare, affordable housing, agricultural modernisation, the green economy, and Small and Medium-Sized Enterprises (SMEs) development,’ he added.
Abubakar revealed that Kenya has been rated the 29th fastest-growing economy in the world, number three in Sub-Saharan Africa in terms of ease of doing business, and number one in Africa when it comes to startup funding.
‘In 2023, we managed to secure US$ 300 million to support startups, and we are al
so number one in Africa in terms of the quality of human capital,’ he added.
The Deputy Head of Mission, Kenya High Commission to London, Dr. Joseph Warui, announced that the Kenyan diaspora is not only a vibrant economic community but also an invaluable asset that continues to contribute significantly to both countries.
‘Their total remittances to Kenya from the diaspora in 2023 amounted to US$ 4.26 billion, and this marked a significant increase in remittances compared to the previous years,’ he said.
Warui revealed that the UK is looking to invest in Kenya not out of sentiment but with strategic foresight to gain a deep understanding of the local market.
‘By aligning with diaspora members, UK investors can tap into vast opportunities and leverage their business insights and local network for mutual benefits,’ he noted.
The launch of the 2024 UK and Kenya Trade Mission seeks to create an enabling environment to connect, engage, invest, and collaborate with various businesses to enhance trade not only b
etween the two nations but also the global community.
Source: Kenya News Agency