Cabinet Secretary for Investment, Trade, and Industry, Salim Mvurya, presided over the United Arab Emirates-Kenya Trade and Investment Forum.
The event, jointly organized by the Sharjah Chamber of Commerce and Industry (SCCI) and the Kenya Private Sector Alliance (KEPSA), brought together key business leaders to explore new opportunities for trade and investment between the two nations.
Kenya and the UAE are in the advanced stages of finalizing a landmark Comprehensive Economic Partnership Agreement (CEPA), which aims to boost market access, reduce trade barriers, and increase investment flows in crucial sectors such as manufacturing, tourism, energy, and infrastructure.
The agreement, which is expected to be officially signed soon, marks a pivotal step in enhancing economic cooperation between the two countries, which already share a strong trade relationship.
The UAE ranks as Kenya’s sixth-largest trading partner, with bilateral trade reaching approximately $4 billion annually. Kenya exports primarily agricultural products, including tea, coffee, flowers, meat, and fresh produce, to the UAE, while imports from the UAE consist mainly of petroleum products, bituminous minerals, and polymers.
Over the past decade, trade between the two countries has seen impressive growth, increasing by over 160 percent, from $1.25 billion in 2013 to an estimated $3.83 billion in 2023.
“Kenya is committed to deepening and expanding its bilateral trade relations with the UAE. The CEPA will open new doors for investment and trade, facilitating a stronger economic partnership and providing a framework for sustained growth.” said CS Mvurya
Highlighting Kenya’s strategic role as a gateway to Africa, Mvurya emphasized the country’s unique geographic and economic positioning. With access to the Indian Ocean via the ports of Mombasa and Lamu, and ongoing infrastructure projects like the LAPSSET corridor, Kenya is well-placed to serve as a logistics hub for the wider East African region. The port developments, coupled with the Special Economic Zones (SEZs) and Export Processing Zones (EPZs), offer UAE investors attractive incentives and streamlined processes to facilitate business operations.
“Kenya’s infrastructure projects are designed to connect the country with key markets across Africa,” Mvurya stated. “By investing in Kenya, UAE investors gain access not only to the local market but also to the broader African Continental Free Trade Area (AfCFTA), with a potential reach of 1.4 billion consumers.”
The forum underscored Kenya’s efforts to attract foreign investment through business-friendly policies and incentives. These include tax predictability measures and the establishment of economic units that offer tailored benefits to investors in sectors like manufacturing, technology, livestock development, and the blue economy.
The forum also highlighted the crucial role of the private sector in driving economic transformation. Mvurya praised the growing collaboration between the business communities of both nations and called for continued engagement to accelerate industrialization and investment activities. He encouraged UAE investors to explore partnerships with key Kenyan organizations such as the Kenya Association of Manufacturers (KAM) and the Kenya National Chamber of Commerce and Industry (KNCCI).
“Private sector collaboration is key to unlocking the full potential of our economic ties,” Mvurya noted. “The strong turnout of UAE businesses, including representatives from 15 different companies across various sectors, demonstrates the growing confidence in Kenya as a viable investment destination.”
Abdullah Sultan Al Owais, Chairman of the Sharjah Chamber of Commerce and Industry at UAE expressed optimism about the future of UAE-Kenya trade relations. He noted Kenya’s advantageous position as a logistics and trade hub for East Africa, citing the region’s growing population and expanding consumer base as factors that make it an attractive market for UAE businesses.
“Kenya is a preferred destination for trade and investment. With its robust infrastructure, strategic location, and diverse economy, Kenya offers numerous opportunities for UAE companies to expand their footprint in Africa.”
The UAE delegation, which included representatives from sectors such as building materials, oil and gas, food, and pharmaceuticals, participated in business-to-business matchmaking sessions aimed at fostering new partnerships and exploring potential project.
Moreover Mvurya emphasized the importance of creating a conducive business environment to support the growth of trade and investment. He noted that the signing of the CEPA will provide a significant boost to Kenya’s efforts to attract foreign capital, enhance export opportunities, and drive economic growth.
“We are on a positive trajectory. The CEPA, combined with our commitment to improving business conditions, will help us achieve sustainable economic development. We are laying the groundwork for a brighter future, and we invite our friends from the UAE to join us on this journey.” Mvurya remarked
The United Arab Emirates-Kenya Trade and Investment Forum marks a milestone in the strengthening of ties between the two nations. With the CEPA soon to be signed, both countries are poised to capitalize on the growing economic potential, creating new opportunities for businesses and investors alike.