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Economy
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November 13, 2024November 13, 2024
Sharjah Chamber holds UAE- Kenya Trade and Investment Forum to strengthen trade ties

The Sharjah Chamber of Commerce and Industry (SCCI), represented by the Sharjah Exports Development Centre (SEDC), held the UAE- Kenya Trade and Investment Forum in Nairobi, Kenya on Monday, during the first stop of its trade mission to Kenya and Uganda.
The forum focused on showcasing promising investment opportunities in both Sharjah and Kenya across various key sectors, exploring ways to enhance cooperation and increase trade exchange between the private sectors of both nations.

The forum was attended by Abdallah Sultan Al Owais, Chairman of SCCI, who led the Chamber’s trade delegation; Hon. Salim Mvurya, Kenya’s Cabinet Secretary for Investments, Trade and Industry, and H.E Ronald Mero, Chief Economic Policy Officer at the Kenya National Chamber of Commerce and Industry (KNCCI).
Also present were Mohamed Rashid Ali Demas and Nasir Musabeh Ahmed Al Tunaiji, SCCI Board Members; Abdul Aziz Al Shamsi, Assistant Director-General for Communication and Business Sector at the Sharjah Chamber, and other officials from SCCI and SEDC, alongside business executives, investors, and representatives from both Emirati and Kenyan business communities.

During the forum, participants discussed bilateral partnership frameworks for enhancing economic cooperation between the two friendly countries, providing a platform for Emirati and Kenyan business communities to foster connections across various industrial and commercial sectors.
The UAE- Kenya Trade and Investment Forum also featured one-on-one business meetings between Emirati entrepreneurs and their Kenyan counterparts, creating direct opportunities to forge new partnerships across key sectors, including oil and gas, construction materials and infrastructure, and logistics.

In his opening remarks at the forum, Abdallah Sultan Al Owais expressed gratitude for the warm welcome and hospitality he received during the trade mission. He noted that the forum, part of the ninth Sharjah Chamber’s trade mission to Kenya and Uganda, marks a pivotal step in strengthening economic relations between the UAE, particularly Sharjah, and Kenya.

By fostering new avenues for collaboration between the business communities of both nations, the forum seeks to build on the already established partnerships, open more doors for investment, enhance trade exchanges, and deepen economic cooperation to support mutual growth.
Notably, the UAE investments in Kenya amount to approximately $2.38 billion, while Kenyan investments in the UAE stand at around $63 million, underscoring the growing investment ties between the two countries.

Al Owais pointed to the promising potential to advance economic ties between the UAE and Kenya, particularly following the Comprehensive Economic Partnership Agreement (CEPA) talks held back in February 2024. This agreement is set to be a cornerstone for building long-term partnerships between the two business communities and enhancing mutual market access in each country as well as the surrounding regions.
For his part, Hon. Salim Mvurya welcomed the Sharjah Chamber delegation, praising the trade mission as a platform to explore opportunities for strengthening trade and investment ties between the UAE and Kenya. He emphasised that the UAE- Kenya Trade and Investment Forum takes place in the context of the strong relationship shared by the two countries, underpinned by a series of cooperation agreements over the past years to enhance and develop economic and trade relations.

He noted that the UAE stands as Kenya’s sixth-largest trade partner, with trade trends indicating a 169.24 percent growth in bilateral trade over the past nine years, from 142.5 billion Kenyan shillings in 2013 to 383.68 billion shillings in 2022.
He further emphasised that Kenya is committed to deepening and expanding its trade and investment cooperation with the UAE, with the forum serving as a clear affirmation of this intent. In this context, the Ministry of Investment, Trade, and Industry of Kenya is focused on promoting collaboration among business councils to strengthen commercial ties between the private sectors of both countries.