NAIROBI (Xinhua) --
The fourth edition of China Trade Week opened in
Nairobi on Wednesday as local consumers expressed interest in
products manufactured by the Asian nation.
Mohamed, the Cabinet Secretary for Trade, Industry and
Cooperatives, was joined by executives from leading Chinese
firms to launch the three-day trade fair and exhibition.
"China remains our biggest trading partner and we look
forward to increasing the volume of goods and services traded
between our two countries," Mohamed said.
The 2018 China trade week attracted 500 companies that
exhibited products ranging from electronics, lighting equipment,
mobile phones, textiles, construction materials, food and
Organizers said they expected some 3,000 people to visit
exhibition stands showcasing high end products manufactured in
Mohamed said Kenya will leverage on a robust bilateral trade
with China to achieve the Big Four agenda on manufacturing, food
security, affordable housing and universal health coverage.
"We remain open to Chinese investments in areas that bring
transformation to our citizens.
"By investing in our manufacturing sector, China will be able
to penetrate other markets while creating jobs for locals," said
He noted that China trade week offers an opportunity for
Kenyan consumers to purchase high quality products from the
Asian giant at an affordable cost.
The three-day China trade fair and exhibition will help
demystify myths that have undermined Sino-Kenyan trade.
James Mureu, the National Vice Chairman of Kenya National
Chamber of Commerce and Industry (KNCCI), said that Nairobi
should leverage on exhibitions and fairs to strengthen bilateral
trade with China.
"We now have an opportunity to interact with Chinese
manufacturers and leading entrepreneurs and if possible apply
their successful models to enable our economy to grow," Mureu
He noted that Kenyans consider China a one stop shop for
manufactured goods that are cheaper and of high quality.
The annual China Trade Week has presented an opportunity for
investors in the Asian country to explore opportunities in Kenya
and the wider eastern African region.
Kenya woos Chinese
investment in manufacturing
NAIROBI (Xinhua) --
The Kenyan government on Tuesday announced plans
to attract Chinese investment in the East African country’s
Adan Mohamed, Cabinet Secretary in the Ministry of Industry,
told a trade forum in Nairobi that Nairobi has rolled out a raft
of incentives ranging from fiscal to infrastructure development
to make the country a low cost manufacturing destination.
"We want Chinese manufacturers to help Kenya achieve its goal
of becoming a leading exporter of merchandise to the rest of the
world," Mohamed said during the Guangzhou-Foshan Nairobi
Mohamed noted that Chinese manufacturers can take advantage
of Kenya’s low labor wages to produce for the domestic as well
as foreign markets.
He said that Kenya has already launched its first special
economic zone that offers investors world class infrastructure
to produce goods in a globally competitive market.
He noted that foreign investors are also permitted to
repatriate their profits to their home countries without any
Mohamed said that Kenya has signed bilateral and multilateral
agreements with over 100 countries that offer Kenyan goods
preferential access to some 1.2 billion people.
Mohamed said that as China faces rising labor costs, some of
their factories are looking for low cost producing nations.
"We have put in place measures to ensure that a good number
of Chinese manufacturers select Kenya for their operations," he
He said that Kenya offers a politically stable environment
that provides equal opportunity for both local and foreign
investors to set up successful operations.
According to the ministry of industry, manufacturing has been
identified as one of the key focus areas that will help Kenya
achieve middle income status.
Mohamed said that one of the key drivers of the country’s
widening trade deficit is importation of manufactured goods.
"So by strengthening our industrial sector we can achieve a
trade surplus as well as create numerous job opportunities for
locals," he said.
Guo Ce, the Economic and Commercial Counsellor at the Chinese
Embassy in Kenya, said that Chinese entrepreneurs are looking to
tap into the numerous opportunities available in Kenya for the
benefit of the citizens of both nations.
Guo noted that Kenya’s geographic location coupled with
stable political environment makes it an ideal destination for
He added that Kenya is now the first step for Chinese
investors looking to set up operations in Africa.
The Chinese diplomat said that despite Kenya lacking huge
mineral and hydrocarbon deposits, it has managed to diversify
its economy to be one of the most resilient in Africa.
Deal inked to introduce
Alipay, WeChat Pay to East Africa
NAIROBI (Xinhua) --
Kenya-based regional financial institution Equity
Bank and Singapore-based online payment company Red Dot Payment
on Wednesday signed a Memorandum of Understanding (MoU) to
introduce Alipay and WeChat Pay to the East African market.
Jack Ngare, Managing Director of Equity Bank subsidiary
Finserve, told journalists in Nairobi that following the
agreement East Africans will be able to use WeChat Pay and
Alipay to purchase goods and services in local currency.
"We hope to roll out the Chinese mobile payment service in
East Africa by the end of July," Ngare said during the trade
forum for the Singapore Business Mission to Kenya.
Under the agreement, the Alipay and WeChat Pay will be
connected to the Equity Bank payment gateway.
Equity Bank is one of the largest regional banks in East
Africa with presence in Kenya, Uganda, Tanzania, Democratic
Republic of the Congo, South Sudan and Rwanda.
The regional bank said it currently controls about 60 percent
of e-commerce transactions in the East African region.
Ngare said mobile payment solutions will provide a convenient
platform to the growing Chinese community in Eastern Africa as
well as Kenyans who conduct business with the Chinese.
Ngare said once fully operational, the Chinese payment
platforms will likely revolutionize commercial ties between
China and the East African region.
"Chinese tourists will be able pay for various hospitality
services using Alipay and WeChat Pay," he said, noting that East
African traders will be able to purchase goods from China using
the Chinese mobile payments.
Ngare said that Alipay and WeChat Pay are expected to perform
well in East Africa as the region is already familiar with
mobile payment platforms.
Randy Tan, Founder of Red Dot Payment, said that Equity Bank
is an ideal partner due to its extensive network in East Africa.
Tan said that its payment solutions will enable East Africans
to benefit from the modern financial technology solutions from
Kenyan trade lobby inks
deal with China’s Amanbo to penetrate Chinese market
NAIROBI (Xinhua) --
Kenya’s umbrella body for local entrepreneurs on
Wednesday signed an agreement with Chinese e-commerce platform
Amanbo to promote export of high-value goods to China.
Officials said the new partnership between Kenya National
Chamber of Commerce and Industry (KNCCI) and Shenzhen-based
Amanbo is expected to revolutionize Sino-Kenya trade.
"Kenyan manufacturers and upcoming businesspeople will be
able to explore the vast opportunities in China with the launch
of an online marketplace where they can showcase their
products," said James Mureu, National Vice-Chairman of KNCCI.
He said that a partnership with Amanbo will help address
logistical hiccups that previously denied Kenyan exporters a
chance to penetrate the vast Chinese market.
"It will be possible for our entrepreneurs to position their
products and raise their visibility to Chinese consumers.
"There is need to leverage on technology to showcase Kenya’s
leading exports such as coffee, tea and carvings," said Mureu.
Liao Xuhui, CEO of Amanbo, said that a partnership with
Kenya’s trade lobby will open a new chapter in trade relations
between China and Kenya.
"The Amanbo Kenya platform will help the country’s importers
and exporters order and supply products in the Chinese market
directly without incurring transaction cost," said Sunny.
"It will help Kenya export tea, coffee, nuts, flowers and
leather to the Chinese market," he added.
He revealed that Amanbo that was launched in 2015 has built
the first museum of African culture and African products
showroom in southern China.
Yin Yingbin, General Manager of Amanbo in Kenya, said the
launch of an online platform to connect Kenyan and Chinese
entrepreneurs will foster trust alongside exchange of market
Kenya considers adoption
of Chinese yuan as a reserve currency
NAIROBI (Xinhua) --
Kenya is considering the adoption of the Chinese
yuan as a reserve currency, its central bank governor said on
Patrick Njoroge, the Governor of the Central Bank of Kenya (CBK),
told journalists in Nairobi that a number of African countries
are also contemplating including the renminbi as part of their
foreign exchange reserves.
"It is inevitable that Kenya will include the Chinese yuan as
a reserve currency.
"The only question is when and the timing will be determined
by a number of short term factors," Njoroge said during the
Guangzhou-Foshan Nairobi Business forum.
In 2016, the International Monetary Fund included the
renminbi to its Special Drawing Right (SDR) basket alongside the
U.S. dollar, euro, yen and the British pound. Currently, most of
Kenya’s foreign exchange reserves are in dollars.
Njoroge said that China’s growing role in the global economy
has made the Chinese yuan one of the currencies of foreign
He noted that bilateral trade and investment ties between
Kenya and China have grown exponentially over the past decade.
"This has increased the demand for the Chinese yuan by both
Kenya and Chinese traders operating in Kenya," he said.
The CBO governor added that the addition of the renminbi as a
reserve currency will help reduce cost of transaction in
Njoroge noted that the adoption of the Chinese yuan as a
currency reserve will be a positive move for the Kenyan economy
given the flourishing Sino-Kenyan ties.
Africa important partner
in Belt and Road Initiative: Chinese envoy
UNITED NATIONS New York (Xinhua) --
Africa is an important partner in the development
of the Belt and Road Initiative, said Ma Zhaoxu, China’s
permanent representative to the United Nations at a high-level
symposium on the Chinese initiative at UN Headquarters.
The initiative is to meet the needs of Africa and pursue
mutual benefits without imposing political conditions. The
initiative will give help to Africa based on respect, and
advance friendship and benefits with priority given to
friendship, said Ma.
The Belt and Road Initiative involves more than 20 African
countries, including Egypt, Kenya, Uganda, Nigeria, Cameroon and
South Africa. Cooperation agreements have been reached on 39
major projects, covering 17 areas such as railway, highway, port
and power generation.
With strong support from the Chinese government and
companies, Ethiopia’s first national industrial park, Hawassa
Industrial Park, entered into operation in 2017 and created
60,000 jobs and an annual revenue of 1 billion U.S. dollars for
New infrastructure has been built in Africa, including
industrial zones, railways, motorways, airports and power
plants, giving a strong boost to the development of the African
Within the Belt and Road Initiative framework, the
governments of China and Cambodia have jointly constructed
Sihanoukville Special Economy Zone.
More than 100 companies from the United States, Japan, Italy
and other countries and regions have established presence there.
The Special Economy Zone has created over 20,000 jobs and its
total output contributed more than 50 percent to the economy of Sihanoukville Province.