Chinese and British enterprises ink deal to promote investments in Kenya

Chinese and British enterprises ink deal to promote investments in Kenya

November 1, 2019 0 By mykenyancareers
CHINA KENYA - Chinese and British enterprises ink deal to promote investments in Kenya
The tripartite agreement will leverage on competitive edge of both the Chinese and British enterprises to stimulate investments in strategic sectors like infrastructure, financial services, manufacturing and agriculture/FILE

NAIROBI, Kenya, Oct 31-The umbrella body of Chinese enterprises in Kenya on Thursday signed a memorandum of understanding with British Chamber of Commerce Kenyan (BCCK) chapter to promote investments in sectors that uplift living standards of local communities.

Wu Peng, the Chinese Ambassador to Kenya, government officials, diplomats and business executives attended the ceremony to formalize collaboration between Kenya China Economic and Trade Association (KCETA), British Chambers of Commerce Kenya (BCCK) and Kenya Private Sector Alliance (KEPSA).

The tripartite agreement will leverage on competitive edge of both the Chinese and British enterprises to stimulate investments in strategic sectors like infrastructure, financial services, manufacturing and agriculture.

Ambassador Wu said Kenya should focus on special economic zones which have the potential to transform the country’s industrial development, boost exports production, wealth and job creation.

“It’s only through manufacturing that jobs can be created,” said Wu.

Li Changgui, chairman of KCETA said the signing of the MOU with British and Kenya’s business entities will continue to serve as a basis for cooperation among the three sides.

“I believe we can work out a mechanism to share our respective best practices in doing business here in Kenya. And this mode of cooperation could be extended to others as well. In future, we wish to collaborate with any partners who agree with our principles, and work together for the betterment of this lovely country,” said Li.

The British High Commissioner to Kenya, Jane Marriot, said that engineering prowess of Chinese construction firms combined with the British companies’ expertise in environment, contract management and provision of legal services, will deliver quality infrastructure to Kenya and the Africa continent.

“Given the successful working relationship that UK and Chinese infrastructure firms already have in Kenya, we are keen to encourage further partnerships between the two groups,” said Marriot.

The chairman of BCCK Graham Shaw said that an MOU with Chinese enterprises is about strengthening cooperation with Chinese companies in many areas.

He said that British firms have already forged a working relationship with Chinese enterprises like Huawei and China Communication Construction Company (CCCC) that have invested heavily in Kenya’s transport and digital infrastructure.

KEPSA Chief Executive Officer Carole Kariuki said they will continue to facilitate investment for UK and Chinese companies across the country by sharing relevant investment information, facilitating linkages with relevant authorities and working together in Public Private Dialogue (PPD) to address cross- cutting policy and business regulatory issues.