Deputy President Rigathi Gachagua has announced that Kenya will host an investment forum for the Egyptian business community.
Speaking during a meeting with Egyptian Ambassador to Kenya Wael Attiya at his Harambee House Annex on Thursday, the Deputy President said it was time for the two countries to invest more together for mutual economic benefit.
Responding to the ambassador’s request for a meeting between Kenya and the Egyptian business community on investment, Gachagua said Egyptians were keen to invest in Kenya in large numbers.
There were plans for Kenya and Egypt to hold an investment forum in Cairo next year, but the ambassador requested an earlier date and that the meeting be held in Nairobi.
“We can fast-track the business forum with our team at the Ministry of Foreign Affairs as soon as possible,” the DP said.
The Deputy President said Kenya was open to joint ventures and investments in agriculture, education and technology, tourism, among others. Egyptian companies have expressed interest in extractives, agriculture, water, power generation, among others.
Gachagua said Kenya has addressed a number of bottlenecks that have slowed down FDI as part of its strategy to ease the business environment. He said the bureaucratic process of registering companies and other requirements has been addressed through the One Stop Shop Partnership Division in the Office of the Deputy President.
He added that Kenya is establishing a visa-free regime to improve the movement of people, goods and services between Nairobi and the rest of the continent. This, he said, requires reciprocity for successful implementation.
“There is a trade imbalance between Kenya and Egypt. We need to work on that. We also want to work with you in mechanised agriculture, where you are very strong. You have been very successful in agriculture. These are good lessons we can learn from your country,” said the Deputy President.
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