Home Business Kenya, Indonesia to forge preferential trade agreements

Kenya, Indonesia to forge preferential trade agreements

Kenya and Indonesia are in the process of crafting a preferential trade agreement aimed at deepening trade between the two nations.

Investment Trade and Industry Cabinet Secretary Moses Kuria says the partnership will help facilitate trade, minimize trade barriers, and promote a more favorable business environment between Nairobi and Jakarta.

Channel 1

Two-way trade volumes between Kenya and Indonesia topped Ksh 28.2 billion, with the trade heavily in favor of Jakarta according to the Economic Survey 2023.

Speaking during a meeting with Indonesian investors led by Minister for Maritime and Investment Affairs Luhut Binsar, CS Kuria said the two countries have agreed to ramp up investments that will assist Kenya attain self-sufficiency in edible oils through large-scale farming of palm oil, sunflower oil, and soya beans.

Kenya and Indonesia have also agreed to form a joint technical committee to spearhead a South-to-South collaboration that will allow both countries to promote value addition within their respective countries.

On green energy, Nairobi and Jakarta have agreed to work together to accelerate Kenya’s geothermal capacity that will aid in reducing the cost of power.

Website | + posts
kiico