Kenya and Somalia have committed to deepening their bilateral relations and economic ties in trade and investment with a view to boosting the economy of both nations.
This is following a meeting between Deputy President Rigathi Gachagua and Somalia’s Prime Minister Hamza Abdi Barre in Nairobi on Tuesday, where the two countries also discussed joint elimination of cartels and promoting transparent and sustainable trade practices that benefit all stakeholders.
The official visit comes on the heels of the third Session of the Joint Commission of Cooperation (JCC) between the two countries held in Nairobi from May 3 to 5, 2024.
“The two leaders reaffirmed their commitment to deepen bilateral relations in trade and investment. They recognised the opportunity for both States to complement each other’s resources, goods, services and personnel resulting in a cohesive bilateral trade system,” said Kenya’s Prime Cabinet Secretary and Cabinet Secretary for Foreign Affairs Musalia Mudavadi in a joint communique.
The meeting held at the Deputy President’s Official Residence in Karen, Nairobi, was also attended by senior Government officials from the two nations.
Gachagua noted that despite the rich historical and cultural ties between the two neighbouring nations, the bilateral trade was still minimal.
He observed that in 2022, Kenya’s exports to Somalia amounted to USD124.5 million (Ksh.15 billion) and imports were USD581.7 thousand (Ksh.71.5 million).
“There is no doubt that these trade volumes could be increased through leveraging the Kenya–Somalia relations into tangible benefits by creating opportunities for our citizens,” said Mr Gachagua.
Kenya and Somalia further resolved to work on removing barriers to facilitate the movement of people and goods, promote investment and open up new markets of mutual interest.
Gachagua challenged the respective Chambers of Commerce of the two countries to consider establishing a Memorandum of Understanding amongst them with the objective of boosting interaction between the private sectors.
Discussions between the two leaders also covered other areas of the economy such as defense, internal security, immigration, economy, education, transport and infrastructure, and political affairs, among others.
To foster sustainable agricultural and livestock development, the two Governments tasked their respective Cabinet ministries to initiate and finalize the necessary MoUs to promote cooperation in Crop Development, Livestock Health, and Marketing, among others.
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