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KEPSA SIGNS MOU WITH COUNCIL OF EXPORTERS AND INVESTORS FROM UKRAINE
- Published On: 2022-10-11
On 11th October 2022, the Kenya Private Sector Alliance (KEPSA) signed a three-year Memorandum Of Understanding (MOU) with the Exporters and Investors Council of the Ministry of Foreign Affairs of Ukraine.
The MOU signed during Kenya - Ukraine Business Forum at the Movenpick Hotel & Residences outlines modalities that will support collaboration in driving international trade as well as commercial, industrial and related cultural ties between Kenya and Ukraine.
Among other objectives, the MOU that was signed by KEPSA CEO Carole Kariuki, and Ukrainian Ambassador to Kenya H.E. Andrii Pravednyk, also aims to strengthen business relations and promote economic cooperation between organizations in the two countries.
“This MOU will promote the exchange of training programs between the Council of Exporters and Investors and KEPSA while strengthening strategic business alliances and engagements. As KEPSA we duly encourage business visits, meetings and other interactions between individuals and enterprises of Kenya and Ukraine”, said Carole Kariuki CEO of KEPSA.
Speaking during the Ukraine - Kenyan Business Forum, H.E. Maksym Subkh, Special Representative of Ukraine on Middle East and Africa said Ukraine was now more than ever, committed to promoting economic cooperation between Kenya and Ukraine as a hub into the larger African continent.
“The African Continental Free Trade Area in particular provides a wide market that both Ukrainian and Kenyan businesses. We are keen to build synergies in this regard to bolster trade between Kenya and Ukraine that grew by 140 percent in 2021”, he said.
Victor Oglao KEPSA Deputy CEO in charge of Competitiveness and Operations welcomed the interest of Ukrainian companies seeking linkages and new business relationships and opportunities in Kenya.
The Kenya - Ukraine Business Forum, hosted thirteen Ukrainian companies seeking business linkages with local counterparts, cutting across the Pharmaceuticals, Veterinary vaccines, Agricultural inputs and Agro-processing, Animal Feeds, Automobile, Security systems, ICT, Financial trading, Educational consultancy, Beverages as well as Forestry and Construction sectors among others.
“Kenya’s exports to Ukraine mainly consist of tea, coffee, cut flowers and vegetables. During 2021, Kenya exports to Ukraine were valued at US$9.78 million while Kenya imports from Ukraine were valued at US$155.01 million. However market access challenges caused by the ongoing Russia-Ukraine war led to a 28 percent drop in Kenya’s tea exports in May 2022 with sales declining to 36.6 million kilograms (Kgs) from the 50.8 million kilograms sold in the same period in 2021”, he said.
Kenya he said was a land of unlimited possibilities, having one of the highest rates of internet access, a dominant economy, a majority young and well educated population while also hosting the leading stock market in the Eastern and Central African region.
The MOU will also seek to enhance bilateral trade and business including organization of trade, investment and business events though information dissemination as well as advisory services to the Exporters and Investors Council and KEPSA members visiting each respective countries.