Kenya targeting China to double FDIs to $1.6B

Kenya targets to double the value of foreign direct investments to $1.6 billion this year by pitching to over 600 Chinese businesses at the three-day China-Africa Economic Trade Expo happening in Nairobi.

Investments Cabinet Secretary Rebecca Miano says Kenya, Tanzania and Djibouti have so far signed 10 investment deals in agro-processing, healthcare and cold storage solutions with Chinese companies.

Latest data indicates that Kenya attracted over $800 million dollars in foreign direct investments creating thousands of jobs.

Speaking at the first China- Africa Economic Trade Expo being held in Nairobi that has attracted over 600 Chinese enterprises and 231 exhibitors, Investments Trade and Industry Cabinet Secretary Rebecca Miano said 10 investment agreements in agro-processing, energy, healthcare and cold storage solutions have been signed.

“We are working to have an efficient and streamlined service provision framework that facilitates business establishment and growth. We assure you that Kenya is ready, open for business, and means business,” said Miano.

Kenya has identified key value chains that are being pitched to investors. Among the deals signed were in the macadamia and fish value chains.

“It is important to note that the robust Kenya-China Cooperation has seen unprecedented growth in the number of Chinese companies setting up shop in Kenya. Currently we have over 400 companies from China operating in Kenya. We welcome more,” added Abubakar Hassan Abubakar, Principal Secretary, State Department for Investment Promotion.

CAETE also provides a platform for delegates from Africa and China to deliberate and discuss ways to actively shape the future of trade and investment between the region, Africa, and China to accelerate the growth of economies in the two regions.

This year’s Expo showcases diverse new products, business forms, models, and mechanisms, such as to drive mutual prosperity and sustainable development.

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