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Kenya calls for more investments from Egypt

Xinhua, January 14, 2015 Adjust font size:

Kenya on Tuesday urged Egyptian investors to set up businesses in the country.

Cabinet Secretary for Foreign Affairs and International Trade Amina Mohamed called on the Egyptian investors to venture into the local market and take advantage of existing investment opportunities.

"I encourage Egyptian investors to venture into our country and take advantage of our vibrant economy that promises good returns," Mohamed said when she officially opened the Joint Kenya-Egypt Business forum in Nairobi.

Statistics from Kenya's foreign ministry shows that the value of trade between Kenya and Egypt increased from 253 million U.S. dollars in 2009 to 501 million dollars in 2013. Kenya sold mainly tea to Egypt.

A delegation from Egypt is currently in Kenya as the country aims to improve its African investment portfolio of 1 billion dollars. The delegation is expected to tour Kampala after the Nairobi meetings.

At the forum, Mohamed assured Egyptian business delegation that Kenya has implemented necessary reforms as well as promulgated appropriated policies that have transformed the country into a premier investment destination.

"Last year, Kenya was ranked among the leading most attractive investment destinations for foreign capital in Africa by the UN Conference on Trade and Development in the 2014 World Investment Report," the secretary said.

She said the governments of Kenya and Egypt have concluded necessary diplomatic instruments needed to facilitate trade and investments between the two countries.

"It remains for the business communities to take initiative and exploit the wide range of investment opportunities available in our two countries," said Mohamed. "This speaks for the need to explore ways and means of broadening and diversifying trade and investments between our two countries," the official added. Endi