Tokyo, Japan – February 8, 2024: KEPSA CEO Ms Carole Kariuki today led the Kenyan private sector at the Kenya-Japan Business Forum in Tokyo Japan, where the Kenyan private sector assured its commitment to fortify economic ties with Japan.

The Kenyan delegation was led by President H.E Dr. William Ruto, who was accompanied by Cabinet Secretaries led by the Prime Cabinet Secretary and Cabinet Secretary for Foreign & Diaspora Affairs Hon. Musalia Mudavadi; Hon. Rebecca Miano (Investments, Trade & Industry); Hon. Davis Chirchir (Energy and Petroleum) among other top government officials and captains of industry.

The Japanese side was led by the State Minister for Foreign Affairs Hon. Kiyoto Tsuji; Japan’s Vice Minister for Economy, Trade and Industry Hon. Nobuhiro Yoshida; Chairman and CEO of JETRO Mr. Norihiko Ishiguro among other industry leaders, government officials and entrepreneurs.

During the forum, President Ruto noted Kenya’s commitment to provide a conducive environment for investment by offering a facilitative legal framework that protects public and private investment.  He also said that Kenya’s return on investment is guaranteed while pointing out the potential of renewable energy, manufacturing, agriculture and technology sectors.

Hon. Yoshida said ⁠Japanese investors are encouraged by Kenya’s business environment which has motivated them to scale up their investments in the country, citing the KSh15 billion Olkaria geothermal project. His sentiments were echoed by Hon. Tsuji who stated that Japan is keen on enhancing the partnership with Kenya and transferring skills to Kenyans.

In her remarks, Ms. Kariuki noted that the current business landscape in Kenya is marked by diversity, with the private sector leading the charge in driving economic transformation. She also mentioned the need to resolve trade barriers between the two countries and ensure value chain integration by sourcing raw materials and intermediary products from each other.

“As we look ahead, our expectations for the future are shaped by a shared vision of sustainable development. We anticipate further collaboration in areas such as research and development, knowledge transfer, and skills development. The Fourth Industrial Revolution presents opportunities that, together, we can embrace for mutual benefit.” Noted Ms. Kariuki.

The session also witnessed the signing of an MoU between the Kenya National Treasury and Nippon Export and Investment Insurance that will strengthen ties for industrial development and green growth as well as promote Japanese companies in Kenya.

Ms Kariuki also attended a consultative meeting hosted by Mr Norihiko Ishiguro, Chairman and CEO of Japan External Trade Organization (JETRO), who received the Kenyan President prior to the business forum on behalf of the Japan private sector.

The KEPSA CEO separately met with Mr. Kazuya Nakajo, Executive vice president of the JETRO where they discussed ways to further enhance the collaboration between KEPSA and JETRO.

Japan is one of the largest and most developed economies in the world. It has a well-educated, industrious workforce and its large, affluent population makes it one of the world’s biggest consumer markets offering many opportunities for business expansion, partnerships and investments.