President Uhuru Kenyatta speaking at the opening of the Kenya-Gulf Cooperation Council (GCC) states business forum in Dubai on Tuesday, February 15.
The business session of the Kenya – Gulf Cooperation Council States High-Level Business Forum was held this morning at the Raffles Hotel in Dubai, marking day 2 of the ongoing Kenya Week at the Expo Dubai 2020. The forum was graced by H.E. President Uhuru Kenyatta and was attended by business delegates and government officials from Kenya and the GCC.
The event entailed a presentation and discussions of the current opportunities and investment possibilities available in Kenya and the GCC, in addition to a B2B session for the business delegates.
President Uhuru Kenyatta on Tuesday graced the opening of the Kenya-Gulf Cooperation Council (GCC) states business forum in Dubai on the first day of his working visit to the United Arab Emirates (UAE).
The President, who invited Gulf investors to set up shop in Kenya, said the country needed to adapt to what investors wanted and remove the bureaucratic red tape that undermined trade.
Uhuru directed Kenyan Government officials to be at the forefront in facilitating trade to give the country a comparative advantage as an investment destination of choice.
“We need to be the welcoming party. We are here to listen. We are here to facilitate. We are here to do what these investors require from us to come into our country to bring their investment, to help us create jobs, and to help us develop our economy,” Uhuru said.
Captains of industry and business executives from both Kenya and the Gulf region among other delegations attended the high-level business forum held on the margins of the Expo 2020 Dubai.
President Kenyatta emphasized that Kenya seeks to strengthen its trade with the UAE, noting that a wide range of goods and services that the UAE imports from other parts of the world could be produced and supplied by Kenya.
“These include services such as hospitality and tourism, banking and financial services, ICT and data processing,” he said.
His Excellency assured the GCC of a favorable business climate in Kenya to enable their investors to penetrate the African market lauding the Kenya Week as a great opportunity to sell the Kenyan brand and prepare the country for new trade opportunities.
Kenya National Chamber of Commerce and Industry President, Richard Ngatia highlighted that Kenya is an important gateway into the African market through the African Continental Free Trade Agreement (AfCFTA).
In his presentation, he urged the Kenya-Gulf Cooperation Council (GCC) countries to look no further than Kenya for favorable investment returns. The AfCFTA will connect 1.3 billion people across Africa with a combined gross domestic product (GDP) valued at $3.4 trillion.
“With the implementation of AfCFTA, there lies the potential for formulating trade agreements to reduce tariff and non-tariff barriers between the two blocs. There is an opportunity for GCC states to support the industrial capacity required for the AfCFTA implementation,” said Mr. Ngatia.
He alluded to Kenya’s membership in regional blocs such as EAC, COMESA, and IGAD as important in accessing the regional market. The port of Mombasa serves as an important logistic hub for the entire region, including the landlocked countries of Uganda, South Sudan, Rwanda, and Burundi.
Completion of the LAPSSET corridor project is expected to improve transport and logistics between Kenya, South Sudan, Ethiopia, and Uganda, and enhance trade between the GCC and Eastern Africa. Highly sought minerals such as copper and cobalt are readily available in DRC which the GCC can access through the Kenyan gateway.
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