Kenya counts on expo to cut trade gap with Egypt

Newspaper Title: https://www.the-star.co.ke/

Newspaper Number:

Wednesday - 5 October 2022

Kenya plans to increase value  addition on its agricultural exports to Egypt.

This the country hopes will help bridge the trade deficit between the two countries which currently is in favour of the North African state.

On Wednesday, the two countries resolved to increase their bilateral trade to boost economic development  and strengthen their diplomatic relationship.

Speaking at the Kenya-Egypt Business Bridge Forum, deputy director for International Trade, Sylvia Kaburu asked Kenyan traders to grab  opportunities in Egypt to narrow the existing trade gap.

Last year, Kenya exported goods worth $80 million (Sh9.1 billion) to Egypt compared to $184 million (Sh20.9 billion) by northern Africa.

The value of trade between Kenya and Egypt has grown 43.98 per cent to Sh61.91 billion between 2014 and last year, with the latter benefiting more.

During the last 25 years, the exports of Kenya to Egypt have increased at an annualized rate of 3.83 per cent, from $74.3 million in 1995 to $190 million in 2020.

Egypt remains Kenya’s second-largest importer of tea globally with sales of about Sh21.3 billion.

Last year, the Kenya National Chambers of Commerce and Industry and the Federation of Egyptian Chambers of Commerce and the Cairo Chamber of Commerce signed an agreement to promote investments in targeted sectors.

Speaking at the forum, Egypt's Ambassador ,Khalid El Abyad said the two countries have lined up collaborative initiatives even as they target to expand to more markets in the continent.

 “This is a great forum for Kenya and Egypt businesses to create links and grow. The private sector has helped Egypt boost its economy and we are still seeking more partnerships with African investors,” Khalid said.

At least 30 companies from Egypt are taking part in a two-day expo in Nairobi.

Chandaria Industries Group CEO  Darshan Chandaria lauded the bilateral partnership, saying it will enhance Kenya's economic growth.

“ This relationship led to the rise in volume of trade to $666 million (about 80 billion) last year and it will continue to grow.” Chandaria said.

He said Egypt remains one of Kenya's largest importers of  sisal, dairy products tea.

Kenya buys construction materials, chemicals and cosmetics from Egypt.