On 25^th October 2023, KEPSA, led by the Chair Mr Jas Bedi and Mr James Mureu – Chair of the Economic Diplomacy Sector Board, participated in the UAE Business & Economic Forum that was held in Nairobi. Organised by the Embassy of the United Arab Emirates (UAE) Embassy in Kenya, the forum provided an opportunity for business leaders to discuss trade and investment prospects as well as incentives available to investors in an effort to foster trade and cooperation between the UAE and Kenya.

In his remarks, His Excellency Ambassador Dr Salem Al Naqbi pointed out the geographical advantage of the UAE which lies between the global East and West, North and South. He noted that UAE’s proximity to key growth centres across the Middle East, West Asia and East Africa has propelled it to be a global economic hub with a vibrant culture, friendly legislation, stable and secure environment. He challenged Kenyan businesses to seize investment opportunities in the UAE while noting that the investment base has been highly facilitated, alluding to the recently established digital platform by the UAE government that offers guidance to investors.  

Kenyan export to the UAE has increased in the last decade by about 54% from $202 million in 2012 to $310 million in 2022. The main products that Kenya exported to UAE were Refined Petroleum ($91.1M), Tea ($68M), and Sheep and Goat Meat ($40M).

 “We are currently negotiating a comprehensive economic partnership agreement. This agreement is meant to elevate our bilateral engagement in the economic field to the highest level possible,” said Amb Fredrick Matwang’a – Director of Economics, Ministry of Foreign and Diaspora Affairs. Amb Matwang’a also added that the partnership aims at enhancing cooperation between Kenya and the UAE, eliminating barriers to a wide range of goods and services, creating new import and export opportunities in both countries and enabling companies in Kenya and the UAE to leverage the value of the countries’ geographic and logistical positions.

Mr Mureu, on his part, noted that the good mutual relationship between the two countries presented an opportunity for the business community of both sides to expand their economies. He also pointed out the need to explore a multiple-entry visa system that would allow business people to trade and invest freely.