Kenya and China have held a high-level Investment forum in Beijing amidst a widening trade imbalance between the two countries.
Kenya imported goods worth KSh671 billion from China while it exported less than KSh17 billion.
The forum held on October 23 which was organized by China Exim Bank, the Kenya Embassy in Beijing and Invest Kenya, brought together about 100 companies to explore new investment opportunities and strengthen economic cooperation between our two countries.
“This trade imbalance presents an opportunity to rethink our partnership. We want more Chinese companies to manufacture in Kenya and more Kenyan products to access the Chinese market,” Trade CS lee Kinyanjui who led the Kenyan delegation to the forum said.
China has been instrumental in developing roads, railways and ports in Kenya. Mr Kinyanjui said the country is now keen to expand this partnership into manufacturing, agro-processing, pharmaceuticals and other productive sectors that create jobs and increase our exports.
The potential is already evident. At Tatu City Special Economic Zone alone, seven Chinese manufacturers have invested KSh 51.5 billion and created over 10,000 jobs.
The plan is to replicate this success across the country by attracting more industries and strengthening local supply chains. The China Exim Bank’s growing focus on financing private sector investments is welcome.
This is an important opportunity to unlock capital for industrial expansion, technology transfer and value addition, particularly as Kenya positions itself as a manufacturing gateway to the wider African market.
In the Kenya delegation was Investment Promotion PS Abubakar Hassan, Public Investment and Asset Management PS Cyrell Odede, Invest Kenya CEO John Mwendwa and Special Economic Zones Authority CEO Ken Chelule.
