Home International News Africa China-Kenya Economic, Trade and Investment Cooperation roundtable held in Nairobi

China-Kenya Economic, Trade and Investment Cooperation roundtable held in Nairobi

0

The Alliance of Chinese Business in Africa for Social Responsibilities (ACBASR) and the Kenya China Economic and Trade Association(KCETA)on Friday jointly held the China-Kenya Economic, Trade and Investment Cooperation roundtable in Kenya’s capital, Nairobi.

The groundbreaking event, graced by government officials and business executives, provided a platform to deliberate Kenya’s investment policies, promote investment projects, organize exchanges and connections, and principally aimed at further strengthening and deepening cooperation between Nairobi and Beijing.

KCETA chairman Yuan Chunkun lauded the signing of a strategic partnership agreement between the two organizations saying it signifies a joint commitment to contribute more strength and wisdom to promoting economic and trade exchanges and cooperation between Kenya and China.

“It is a great privilege for our Association to reach this strategic cooperation with the Alliance. The Alliance has played a significant role in promoting the spreading and practice of social responsibility principles, and I believe that under your guidance and support, our cooperation will yield fruitful results, benefiting the people of Kenya, China, and Africa,” Yuan said

The KCETA boss described the latest cooperation as an opportunity to further expand the scope and depth of existing cooperation and make greater contributions to the prosperity of the two countries.

Acting as a bridge of economic cooperation between China and Kenya, Yuan said the Kenya-China Economic and Trade Association remains dedicated to facilitating trade and cooperation between the two countries.

“We understand that with a firm foundation, we can achieve long-term success, and enterprises should undertake broader social responsibilities while developing themselves, making appropriate contributions to local development and environmental protection,” he said

The Principal Secretary State Department of Industry Dr. Juma Mukhwana said the meeting underscored collective commitment to promoting coordinated development across the economy, society, and environment in Africa, while enhancing the livelihoods of the people.

He lauded China for demonstrating unwavering confidence in Kenya’s economy, as seen by way of continued support through various initiatives, including the establishment of the Chinese Economic and Trade Association in Kenya. “Over the past six decades, our partnership has flourished, yielding significant progress in critical sectors such as infrastructure development, manufacturing, and trade,” he said

While reiterating that Kenya is fully focused on providing an enabling environment to attract and retain investors in manufacturing, Dr. Mukhwana called on leaders of various Chinese enterprises to increase their investments in the East African country, highlighting opportunities in agribusiness, renewable energy, various infrastructure, rail networks, iron and steel sectors.

“We target to move the contribution of manufacturing in Kenya to GDP from the current 7.5% to 25% by the year 2030. This is a momentous task that calls on all investors to be facilitated and attracted to invest in manufacturing in Kenya even as we cut down on imports,” he said

“As we launch this forum today, let us reaffirm our commitment to collaboration, innovation, and shared prosperity, laying the foundation for a brighter, more sustainable future for generations to come,” he reiterated

The Principal Secretary spoke even as Diao Chunhe, the Executive President of the Alliance of Chinese Business in Africa for Social Responsibilities said China-Kenya economic, trade, and investment cooperation has been developing steadily towards a comprehensive strategic partnership. At present, he said both China and Kenya are in a period of rapid development. “China and Kenya have great potential in infrastructure construction, digital, talent training, and other aspects, and are expected to realize a higher level of mutually beneficial and win-win cooperation. Many friends here have been engaged in the cause of China-Kenya friendship and economic, trade, and investment cooperation for many years, and are witnesses and contributors to the relationship between the two countries,” said Diao

He said Beijing is eager to play its part in assisting Kenya realize its development aspirations citing the more than four hundred Chinese enterprises invest and operate in Kenya, creating nearly one hundred and thirty thousand local jobs.

“Chinese enterprises are gradually realizing the transformation from “going to Africa” to “settling in Africa” to “rooting in Africa”. In the course of operation, they are actively fulfilling their social responsibilities, promoting people-to-people connection, benefiting local people with the fruits of development, and helping to improve the well-being of the Kenyan people,” he said

He said the Alliance of Chinese Business in Africa for Social Responsibilities is willing to work together with enterprises to actively practice the principles of “extensive consultation, joint contribution and shared benefits”, and jointly promote the development of China-Kenya investment and cooperation for sustainable development

The Kenya China Economic and Trade Association (KCETA) is a social organization comprised of Chinese businesses in Kenya spanning various industries such as engineering, trade, manufacturing, technology, real estate, logistics, aviation, digital television signals, and healthcare, among others. The association was founded in 2001 with 51 enterprises, and as of May 10, 2024, the association’s membership has grown to 102 members.

Friday’s event comes just a few months before the 2024 edition of the Forum on China-Africa Cooperation (FOCAC) is held in Beijing, China. The forum is expected to inject stronger development momentum into China-Africa cooperation.

Website | + posts