Kenyans have been challenged to invest more in China in a bid to increase their presence in the East Asian Country.
Speaking on Wednesday during the official launching of a 3-day 4th Kenya International Industrial Expo in Nairobi, Erick Rutto, the first Vice President of the Kenya National Chambers of Commerce and Industry noted that China presents a very good opportunity for Kenyan investors.
“As Kenya National Chambers of Commerce and Industry we want to spur the relationship between Kenya and China since we want to joint ventures with China to build Africa,” said Rutto.
He cited that there is a huge
relationship gap between Kenya and China citing that it is in favour of the
Chinese. “The relationship is in favour of China with a ratio of
34:1.”
Between 2007 and 2020, total trade between Kenya and China grew more than eighty-fold from about Ksh.52.8 billion (USD 471.6 million) in 2007 to 3.8 trillion shillings (USD 3.42 billion) in 2020.
Dr.Eric Rutto pointed out that the expo is key in helping the country achieve the industrialization dream under Vision 2030.
In 2020, Kenya exported goods worth Ksh.15.1 billion to China and imported goods worth Ksh.3.68 trillion.
Through the first nine months of 2021, the total trade volume between two countries jumped by 29.9 percent to reach Ksh.559.9 billion despite the coronavirus pandemic disruptions.
“China will ground its efforts in the reality that it is at a new development stage, apply a new development philosophy, foster a new development paradigm and promote high quality development,” said Zhang Yijun- Minister Counsellor, Chinese Embassy In Kenya.
Kenyan investors to China have been assured of total security in the world’s second largest economy housing over 1.4 billion people.
“The government is focused on attracting investments for both local and export markets and I want to assure our investors that Kenya is very safe and provides a conducive environment for business,” added Rotich.
The event commenced on November 17 and will end on November 19, 2021. It has been organized by Afripeak Expo Kenya Limited in partnership with Kenya Investment Authority and KNCCI.
According to the statistics, over the past three years, the exhibition has received more than 4,800 professionals and merchants across the region with a turnover of around Ksh.2.2 billion.
The Kenya International Industrial Expo has scored great success in its previous three sessions with the number of companies joining the expo jumping from 31 to 117, and the show areas surged from 360 square meters to 2930 square meters.
