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Saturday, 24 August 2019

Kenya's investments in Egypt hits $7.7 mln: Trade minister

Doaa A.Moneam, Thursday 18 Jul 2019
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Egypt's minister of trade and industry Amr Nassar said on Thursday that Egyptian investments in Kenya estimate $36.6 mln and are ranked 24th among investors in the Kenyan market. Nassar, who is participating in COMESA summit held in Kenya, added that Kenyan investments in Egypt's domestic market recorded $7.7 mln and are ranked 80th among investors in the Egyptian market.

During his participation in COMESA summit "Source 21", the minister asserted the importance of boosting joint ventures between Egypt and Kenya. He also stated that the trade volume between the two countries estimated at $ 640 mln in 2018 compared to $553 mln in 2017 with an increase rate of 15.7 per cent.

While Egypt's exports to Kenya increased by 21.7 per cent estimated at $353 mln compared to $290 mln in 2017 Egypt's imports from Kenya recorded a slight increase in 2018 by 9.5 per cent with a total of $299 mln compared to $263 mln in 2017.

Nassar stressed the importance of Joint cooperation between the two countries in industrial sector, especially in the agriculture and livestock fields. “It is important for Kenya to benefit from the Egyptian experience to introduce technical support and training in its industrial sector,” the minister said.

Meanwhile, Nassar held intensive meetings with a number of African ministers and officials where he stressed Egypt’s support to commercial and industrial cooperation under the umbrella of COMESA. The minister also underlined his country’s efforts to support the integration of the three major conglomerates: COMESA, Southern African Development Community "SADEC" and East African Community "EAC".

During his visit, Nassar discussed means to apply the recommendations of the first round of the Egyptian-Kenyan Business Council held as a part of the joint trade committee work in 2017 as well as setting the future date of the 2019 meetings.
 

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