Kenya will host a forum for the Egyptian Business Community on investment, Deputy President Rigathi Gachagua has disclosed.
Speaking during an engagement with the Egyptian Ambassador to Kenya Wael Attiya at his Harambee House Annex on Thursday, November 9, the Deputy President noted that it was time the two countries jointly invested more for mutual economic benefit.
Mr Gachagua was responding to the Ambassador, who requested for a meeting between Kenya and the business community in Egypt on investment, saying Egyptians were keen on investing in Kenya, in big numbers.
There were plans for Kenya and Egypt to host an investment forum in Cairo next year, but the ambassador requested an earlier date and the meeting to be held in Nairobi.
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“We can fast-track the business forum with our team at the Ministry of Foreign Affairs as quickly as possible,” remarked Gachagua.
The Deputy President mentioned that Kenya was open to joint ventures and investment in agriculture, education and technology, tourism, among others. Egyptian Companies have registered interest in extractives, agriculture, water, power generation, among other areas.
Gachagua stated that Kenya is establishing a visa-free regime to enhance the movement of people, goods, and services between Nairobi and the rest of the continent. This, he said, requires reciprocity for successful implementation.
“There is a trade imbalance between Kenya and Egypt. We need to work on it. We also want to work with you in mechanised agriculture where you are very strong. You have had a very successful venture in agriculture. Those are good lessons we can borrow from your country,” the Deputy President said.
In 2022, Kenya's exports to Egypt stood at Ksh 27 billion while the imports were valued at Ksh 27 billion.
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