Kenya and Saudi Arabia have signed a Memorandum of Understanding (MOU) in a bid to improve the balance of trade between the two countries.
The Kenya National Chamber of Commerce and Industry (KNCCI) also negotiated trade opportunities with the Federations Council of Saudi Chambers (FCSC) which will see Saudi Arabia will employ at least 100,000 Kenyans, majority of them youths.
“We had a very successful Saudi Arabia – Kenya Business Forum at the Council of Saudi Chambers in a bid to enhance Trade and Investment. During the event I executed an historic MOU between Kenya National Chamber of Commerce and Industry (KNCCI) and the Federations Council of Saudi Chambers (FCSC) with my counterpart Secretary General Hussain Alabdulkader. The MoU will ensure the Chambers facilitate trade information, services and opportunities to improve the balance of trade.” Ngatia said.
The MoU was executed by the Chamber President Mr. Richard Ngatia and FCSC Secretary General Mr. Hussain Alabdulkader during the Saudi Arabia – Kenya Business Forum at the Council of Saudi Chambers.
Ngatia exuded confidence that both Chambers will take positive action to facilitate trade information, services and opportunities.
Other dignitaries who graced the event include; government officials, business leaders and associations industry regulators.
Ngatia emphasised the need for Kenyans through the help of the chamber to seize the opportunities in Saudi Arabia for direct employment and importation of commodities like bitumen by the hospitality and manufacturing sectors respectively.
The one -day business forum convened of government officials ,business leaders, industry regulators and business associations to engage in bilateral trade conversations under the theme, ‘Enhancing Trade and Investment Potential between Kenya and Saudi Arabia.’
Ngatia is a frontrunner for the Nairobi gubernatorial contest under the Azimio la Umoja umbrella being championed by umbrella flag bearer Raila Odinga and outgoing president Uhuru Kenyatta.