Trade organizations of China, Kenya ink deal to foster business ties-Xinhua

Trade organizations of China, Kenya ink deal to foster business ties

Source: Xinhua

Editor: huaxia

2024-05-10 21:01:00

NAIROBI, May 10 (Xinhua) -- The China Council for the Promotion of International Trade (CCPIT) Hunan Sub-council, dedicated to developing business cooperation with other countries, signed an agreement on Friday with the Kenya National Chamber of Commerce and Industry (KNCCI) to promote trade and investments.

The cooperation framework agreement was signed on the sidelines of the China-Africa Economic and Trade Expo in Africa (Kenya) 2024, which is currently underway in Nairobi, the Kenyan capital.

Wu Shuguang, vice president of the CCPIT Hunan sub-council, said that a partnership with the Kenyan trade lobby will spur the flow of capital, manufactured goods and technology between China and East Africa's largest economy.

According to Wu, China-Kenya diplomatic and economic ties are flourishing, and both sides will benefit from sharing best practices in growing the digital economy and adopting emerging technologies like artificial intelligence.

KNCCI President Eric Rutto said that by signing a deal with the CCPIT Hunan sub-council, Kenya anticipates an increase in the volume of goods exported to China.

"Expanding and diversifying Kenya's export base is critical to economic stability, hence the need to establish strong trade relations with China, which has a higher potential to import from Kenya," Rutto said.

Kenya is ready to trade with China in diverse areas like precision agriculture, establishing local assembly plants, value addition of farm produce and leather processing, he added.

In addition, Rutto said that economic ties with China should revitalize the manufacturing sector, healthcare, e-commerce, mining, education, finance and infrastructure development in Kenya.

"We pledge to ensure that the agreements forged today translate into tangible opportunities for our business communities," Rutto said.

Kenya is hosting the three-day expo, featuring matchmaking forums, exhibitions, seminars and networking among senior officials, investors and entrepreneurs from both sides. The expo, concluding on Saturday, has attracted enterprises from manufacturing, textiles and clothing, infrastructure, farm machinery, energy and ICT sectors.