Kenya and Egypt are seeking to increase their trade volume from Sh80 billion (666 million US dollars) to Sh120 billion (1 billion US dollar).
This is through a four-day trade mission launched today aimed at exploring business ties investment, opportunities and possibilities of cooperation between Egyptian and Kenyan companies.
According to the Egyptian ambassador to Kenya his excellency Khaled Elabyad 30 Egyptian companies are in the country for networking and looking for investment avenues in Kenya also urging Kenyan companies to tap in to the vast Egyptian market and explore new areas.
“I urge my Kenyan sisters brothers to engage with the Egyptian counterparts to explore the rich avenues for corporation in these two industries which represent a great deal of untapped potential in the Kenyan market,” he said.
The event has been put together by the Kenya chamber of commerce and industry and the Kenya private sector alliance in collaboration with the Egyptian embassy to seeking to close in on the commercial ties and align some of the trade issues between the two African nations.
During the year, Kenya become Egypt’s leading trade partner in east Africa and the larger sub-Sahara especially in the tea sector with total sales of $177.3 million
Among sector present include chemical and fertilizers, building and construction and trade players.
This coming at a time when President William Ruto government is seeking to reduce the fertilizers prices for the farmer as one way of enhancing food security in the country amidst a harsh drought and famine situation.
Kenyan business says they willing to do more to grow bilateral relations with Egypt.
“Egypt is one the most cost-effective markets for manufacturing in Africa not just as a comparison to Kenya which means they are able to export goods to Kenya more effectively because they export all over Africa,” Darshan Chandaria Group CEO Chandaria Industries.
Kenya is seeking to reduce the trade imbalance between the two nations.
Participants in the forum will have a chance to engage in business-to-business meetings with foreign industry executives and government officials, pre-screened to match specific business objectives whether for representation, direct sales, or joint ventures in the local markets.