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Kenya and the European Union are seeking to tap emerging technologies in a bid to boost trade between the two parties.
During the second edition of the EU-Kenya Business Forum which is currently underway in Nairobi, the parties are eying transformative potential of technologies such as e-commerce, artificial intelligence (AI), blockchain, and secure digital payments to enhance trade flows, foster sustainable development, and connect Kenyan businesses to the European market.
The EU is Kenya’s largest export market accounting for 14pc of the total exports.
Total trade between the EU and Kenya reached Ksh 493 billion (€3.4b) in 2023, with an increase of 13pc in the last year and of 53pc in the last 10 years.
Similarly, EU’s investment in Kenya has increased by 61pc since 2013.
Under the theme “Digitalising Trade,” the two day forum comes shortly after the entry into force of the EU-Kenya Economic Partnership Agreement (EPA) in July 2024, marking a new era of strengthened economic cooperation.
Among the expected outcomes of the forum will be the signing of a financing agreement between the European Investment Bank and Family Bank; and the signing agreement between the EU’s Investing in Young Businesses in Africa and the Women Entrepreneurship for Africa, Signing Ceremony to finance women entrepreneurs.
The Forum marks the first official visit to Kenya by the European Union Commissioner for Trade, Mr Maroš Šefčovič, and the inaugural meeting of the EU-Kenya EPA Ministerial Council, where both sides will assess the progress and potential of the EPA
This year’s forum brings together at least 700 participants including European Union and Kenyan policymakers, representatives of EU Member States, business leaders, and civil society to explore how digital technologies can unlock new trade and investment opportunities.
The event will also see the launch of the European Chamber of Commerce in Kenya (EuroCham Kenya) to further institutionalising the EU-Kenya trade relationship and providing a platform for dialogue and business facilitation.
Participants will also engage in Business-to-Business (B2B) and Business to Government (B2G) networking.
