Kenya is leveraging its strategic trade agreements with the European Union (EU) and the United States to attract Egyptian investors to the country, as highlighted during the Kenya-Egypt Summit in Nairobi.
Government officials from the Ministry of Investment, Trade & Industry emphasized Kenya’s position as a gateway to East Africa, offering access to a market of eight member states. They encouraged Egyptian investors to establish manufacturing plants in Kenya to take advantage of the trade agreements, enabling their finished products to reach lucrative markets in Europe and the US.
The recent endorsement of the economic partnership agreement by the EU Parliament paves the way for tax-free access to EU markets for Kenyan exports, pending final approval from EU heads of state. A similar deal with the United States is also nearing conclusion, further enhancing Kenya’s attractiveness as an investment destination.
The summit, organized by Commercial International Bank (CIB), aimed to strengthen trade ties between Kenya and Egypt. CIB, with a significant presence in both countries, is facilitating business connections and growth opportunities, particularly in sectors like tea, where Egypt is a major market for Kenyan exports. Kenyan exports to Egypt include tea, coffee, nuts, meat, and flowers, while Egyptian businesses export a range of products including fertilizer, textiles, and electronics. The forum attracted 40 Egyptian companies spanning various sectors, reflecting Egypt’s commitment to fostering partnerships with sub-Saharan Africa.
