EU Set To Invest Ksh3.6B For Business Development In Kenya
The European Union (EU) has pledged Ksh3.6 billion (€25 million) to promote business development in Kenya, as part of an effort to improve economic cooperation between the two nations.
This financial injection is part of a larger initiative under Kenya’s Economic Partnership Agreement (EPA) with the EU aimed at strengthening trade ties and opening up new markets for Kenyan products in all 27 EU member states.
During a recent briefing in Nairobi, EU Ambassador to Kenya Henriette Geiger emphasised the importance of establishing a strong governance structure to oversee the EPA’s implementation.
“The key objective is to set up the governance structure of this economic partnership agreement, and that is very important,” Geiger stated.
“An agreement like that needs to be steered, and if there are issues at the adequate level, they need to be ironed out both at the technical and the political level.”
The EPA is a historic agreement that not only facilitates market access but also promotes mutual investment between the two regions.
Trade Cabinet Secretary Salim Mvurya acknowledged the EU’s critical role in Kenya’s economic development.
It is crucial that both the business and investor communities are fully informed on the Economic Partnership Agreement (EPA) as a transformative agreement that will significantly enhance Kenya’s trade prospects the stakes involved—not only for the private sector but also for… pic.twitter.com/YH7DPcrk65
— H.E Salim_Mvurya (@Waziri_Mvurya) August 20, 2024
“We were meeting to appraise each other on the number of issues we need to look at and also to thank the EU,” Mvurya said.
Mvurya stated that the Ksh3.6 billion funding would go towards an investment promotion program run by the State Department for Investment.
“The EU has financed €25 million, and this is a program that is going to be running in the investment promotion at the State Department. The EU is a great partner, and through the economic partnership agreement, Kenya and the EU have agreed to access each other’s markets.”
In addition to financial assistance, the Kenyan government is launching a nationwide awareness campaign to educate the business community about the opportunities provided by the EPA.
Trade CS Mvurya explained on his official social media platforms how the EPA has the potential to transform Kenya’s trade, business, and investment landscape.
We are embarking on a nationwide sensitization module aimed at appraising the Kenyan business community on the vast opportunities presented by the European Union (EU) Economic Partnership Agreement (EPA). This strategic initiative will provide comprehensive insights into the… pic.twitter.com/WxVOt0PcWx
— H.E Salim_Mvurya (@Waziri_Mvurya) August 20, 2024
“We are embarking on a nationwide sensitization module aimed at appraising the Kenyan business community on the vast opportunities presented by the European Union Economic Partnership Agreement (EPA),” Mvurya posted.
“This strategic initiative will provide comprehensive insights into the benefits and potential of the agreement, which promises to open new markets for Kenyan products across all 27 European Union member states.”
Mvurya emphasized the importance of keeping the business and investor communities informed about the EPA, describing it as a game-changing agreement that will improve Kenya’s trade prospects.
EU Set To Invest Ksh3.6B For Business Development In Kenya
