According to Egypt’s minister of trade and industry, Amr Nasar, Kenyan investments in Egypt’s domestic market have hit USD 7.7 Mn, ranking the East African country 80th among investors in the North African country’s market.
The report also reveals that Egyptian investments in Kenya are at an estimated USD 36.6 Mn, ranking the country 24th among investors in the Kenyan market.
The Egyptian minister who made this revelation yesterday, emphasized the essence of doubling down on joint ventures between both countries while stating that the trade volume between them stood at a USD 640 Mn estimate in 2018.
As of 2017, the trade volume between Egypt and Kenya was at USD 553 Mn, meaning the rate of increase is currently at 15.7 percent. Egypt exported to Kenya at an increased rate of 21.7 percent, which amounts to USD 353 Mn.
In 2017, the same export’s value was USD 290 Mn. Then, Kenya’s exports to the Arab nation recorded a slight increase in 2018 by 9.5 percent, a total of USD 299 Mn, which is a few tens of millions bold of 2017’s 263 Mn.
February 2017, Kenya and Egypt agreed to increase bilateral trade in order to solidify their historic ties, as presidents of both countries said they were working concluding agreements to eliminate trade hurdles and investments between them.
While their trade relationship dates back to the pre-colonial days, President Kenyatta and President El-Sisi agreed that the Kenya-Egypt Joint Commission for Cooperation (JCC) – which is in its seventh cycle – was right vehicle for promoting political, economic and social cooperation between the two countries.
About the significance of joint cooperation between Egypt and Kenya, Nassar stressed that the industrial sector needs utmost attention, singling out agriculture and livestock fields apparently as the two most important sub-sectors.
According to him, it is also crucial for Kenya to obtain rewarding service from the Egyptian experience to “Introduce technical support and training in its industrial sector.”
Egypt has been ranked as the first investment destination in Africa – the financial inputs of other countries such as the U.K, Tunisia, and the UAE prove so.
The country is also willing to support commercial and industrial cooperation, as pledged by Nassar during recent meetings with other African ministers. He also promised that his country is doing her best to support the integration of the three major conglomerates – COMESA, Southern African Development Community (SADEC) and the East African Community (EAC).
In a related development, Nassar has said that his country is hellbent on increasing trade ties with Tunisia. He pinpointed the essence of having a coordinating council – a league of Egyptian and Tunisian businesspersons and investors – to boost investments between both North African countries.