NAIROBI (Xinhua) --
The Kenya-Egypt Joint Business Council was
launched on Monday to boost bilateral trade between the two
African countries, officials said.
Kenya’s Ministry of
Industry, Trade and Cooperatives, Principal Secretary Chris
Kiptoo told a media briefing in Nairobi that the council was
operationalized following negotiations between the Chamber of
Commerce from the two countries.
Joint Business Council will help to develop business networks,
encourage the business people to engage each other on a business
to business basis, as well as share business information so as
to enhance economic ties,” Kiptoo said during the Kenya-Egypt
An Egyptian trade
mission comprising of 55 companies is currently visiting Kenya
to look for business opportunities. This is the second
Kenya-Egypt Business Forum held in Nairobi, following one held
in January 2015.
data indicates that bilateral trade reached approximately 550
million U.S. dollars in 2016, with the trade being in favor of
Kenya exports are
limited to a number of products with tea accounting for 85
percent of Kenya’s total exports to Egypt.
However, Egypt sells
to the east African nation diversified products ranging from
pharmaceutical, chemical and petroleum products. He said that
Kenya commands a very minimal market share of 0.3 percent in the
Egyptian market. Currently, Egypt is Kenya’s ninth largest
Egypt Ambassador to
Kenya Mahmoud Talaat said that the Kenya-Egypt Joint Business
Council will help to enhance trade and investment between the
Talaat said that the
level of Egyptian investment in Kenya is minimal when compared
to the long historical ties.
“However there is
great political will amongst the two countries to increase
investment cooperation,” he said, adding that Egypt’s business
community is keen to invest in Kenya’s agricultural, meat and
renewable energy sectors.
According to the
envoy, a double taxation agreement as well as an investment
protection pact will soon be signed between the two nations.
are likely to be signed during an upcoming joint committee
meeting to be held in Egypt,” he said.