Local traders will now get credit for goods imported from Sharjah State within the United Arab Emirates (UAE) on credit and interest free for up to 150 days in according to a Memorandum of Understanding signed between the Kenya National Chamber of Commerce and Industry (KNCCI) and Sharjah Chamber of Commerce and Industry (SCCI) yesterday.
While signing the deal that now offers hope to local businesses, KNCCI president Richard Ngatia said this will ease the cost of doing and create more jobs to especially among the youth.
“This MoU will enable the private sector to get goods imported from Sharjah on credit up to 150 days through Etihad Credit Insurance and it will be interest free. This will not only ease the cost of doing business but also enable access to credit thus help create jobs for our youth and other startups. One of the criteria is that one must be a chamber member. Once you get an order, we will do due diligence then recommend you.” Ngatia said.
The trade pact stipulates that the credit will be issued through the Etihad Credit Insurance upon recommendation by the Kenya chamber president.
Sharjah chamber chairman Abdullah Sultan Al Owais said they are looking working together with Kenya and other East African region countries to boost trade.
The trade pact termed as progressive by local entrepreneurs was signed during the fifth two days UAE-Kenya Trade and Investment Forum by the Sharjah delegation comprising of 22 companies at Villa Rosa Kempinski Hotel in Nairobi.
“This is the fifth trade mission in this region and we can see the results. We believe as the Sharjah Chamber of Commerce and Industry that trade is built through relations through you. Without your support and working together, we would not have achieved this. I wish you well as we continue to work together.” Owais said.
Additionally, Kenya chamber was granted an office space in Sharjah for unlimited time of 4000 square feet to enable seamless trade collaboration between Kenyan traders and UAE investors.
“We have graciously accepted to take up office space in Sharjah. We shall support Small and Medium Enterprises (SMEs) and startups to trade in Sharjah. Through this office, we will be able to give you information and on real time basis about opportunities and products in Sharjah. We will also create jobs and export labour there. For those willing to travel we will be applying visas that will take only one day. This office will also enable us provide Certificates of Origin, Certificate of Conformity and many others. We invite the Kenya Revenue Authority (KRA) and Kenya Bureau of Standards (KEBS) to work together.” Ngatia noted.
Among other guests present were UAE Ambassador to Kenya Khalid His Excellency Al Mualla and the Economic and Commercial Affairs director from the Ministry of Foreign Affairs Ambassador Johnson Weru representing Foreign Affairs Cabinet Secretary Monica Juma.