By Beth Nyaga
Corporate Council on Africa (CCA) and the Ministry of Trade, Industry and Cooperatives of the Republic of Kenya signed a Memorandum of Understanding on September 26, 2016 to formalize a partnership to promote U.S.-Kenya trade and investment.
The MoU was signed by Honorable Adan Mohamed, Cabinet Secretary in the Ministry of Trade, Industry and Cooperatives, and CCA President and CEO, Stephen Hayes at a special dinner hosted in Hon. Adan Mohamed’s honor in Washington, DC.
“This MOU is a great opportunity for us to work more closely to promote trade and investment in Kenya. The Corporate Council has always been a champion for U.S.-Kenya business and we look forward to doing even more with them,” said Hon. Adan Mohamed
The Ministry of Trade, Industry and Investment is the foremost Kenyan government agency mandated to facilitate investment in Kenya. The MOU covers a 2-year period and encompasses business collaboration activities between Kenya and the U.S. The ministry will work with CCA to promote Kenyan business and investment opportunities in the U.S. and will share information on the latest investment opportunities. Both organizations will also work together on conferences, workshops and exhibitions designed to further the aim of greater U.S.-Kenya trade and investment.
“We view this MOU as an important and serious commitment to work on key programs between Kenya and the US private sector so that both our nations benefit,” said CCA President Stephen Hayes. “We will be working with Kenya closely over this period and far beyond.”
The MoU signifies an important milestone for Corporate Council on Africa, the leading U.S. business association focused solely on connecting business interests on the continent. Kenya and Nigeria remain the only two countries CCA has led trade missions to four times. CCA’s first ever working group on the continent was hosted Nairobi, and the organization opened a satellite office in-country as well. The MoU will further strengthen CCA’s relationship with the Republic of Kenya and reinforce an already successful partnership.
Kenya is a priority country for many CCA member companies as one of the largest and fastest growing economies on the continent. The Kenyan government and its robust private sector have changed the way business is done in Africa and Kenya has led the way in innovation in sectors such as agribusiness and in finance, with mobile money payments. Kenya has also been a model for African economies looking to diversify and has developed plans to harness the potential in new sectors such as tourism.
Corporate Council on Africa, a membership organization which serves as a neutral, trusted intermediary connecting its member firms with the essential government and business leaders they need to do business and succeed in Africa, was established in 1993. Its member firms account for 85 percent of U.S. investment in Africa.