Latest news with #LeeKinyanjui
Zawya
11 hours ago
- Business
- Zawya
Kenya pledges to accelerate efforts to boost intra-African trade
Kenya is working towards fast-tracking implementation of the African Continental Free Trade Area (AfCFTA) to unlock opportunities for businesses in the country across the continent. Speaking during the Kenya IATF2025 Business Roadshow event, Kenya's Cabinet Secretary, Ministry of Investments, Trade and Industry, Hon. Lee Kinyanjui said the government is positioning and consolidating Kenya as a Trade, industrial and innovation hub to strategically tap into trade and investment opportunities presented by AfCFTA. 'The solutions to Africa's problems lie with Africans. It is essential for countries within the continent to strengthen intra-African trade. The IATF 2025 offers a vital platform to advance the AfCFTA agenda. With a well-educated population, abundant resources, and banks ready to finance investment, Africa has what it takes to elevate itself to the next level.,' the Cabinet Secretary said. The Kenya IATF2025 Business Roadshow attracted over 200 members of Kenya's business community, including buyers, creatives, automotive sector players, policymakers and investors together with executives and officials of African Export-Import Bank (Afreximbank) and African Union Commission (AUC). It focused on exploring ways of promoting intra-African trade. The theme was Harnessing Regional and Continental Value Chains: Accelerating Africa's Industrialisation and Global Competitiveness under the AfCFTA. Harnessing regional and continental value chains under the AfCFTA is crucial for Africa's industrial growth and global competitiveness. By creating a large, integrated market, the AfCFTA encourages countries to tap into the continental market by scaling up productive capacity and add value to products, create an enabling environment, attracting investment and creating jobs. This boosts economic diversification, expand productive base, and supports Africa's vision for sustainable and inclusive development. The roadshow is one of the five in the series of planned for Nairobi, Accra, Johannesburg, Lagos and Algiers ahead of the fourth edition of the biennial Intra-African Trade Fair (IATF2025) that will be held in Algiers, Algeria from 4 – 10 September 2025 under the theme Gateway to New Opportunities. IATF is Africa's premier trade and investment event that serves as a crucial platform for fostering economic growth, collaboration, and innovation across the continent. Over the years, the IATF has established a track record as the premier African trade and investment platform and has achieved significant milestones since it was established in 2018 as an instrument to implement the AfCFTA Agreement. Hosted by the Government of Algeria and promoted by Afreximbank, in collaboration with the African Union Commission and the AfCFTA Secretariat, the IATF2025 event will provide businesses from Africa and beyond with a platform to showcase their goods and services and exchange trade and investment information. Addressing the forum, Afreximbank's Executive Vice President, Global Trade Bank, Mr. Haytham Elmaayergi said: 'One of the key objectives of the IATF is to address access to trade and market information for intra-African trade to take place. For instance, as a result of a lack of information on African production and supply, countries like Tunisia, Morocco and South Africa import in excess of around US$400 million worth of leather products, mainly from Europe and South America, while countries like Ethiopia, Kenya, and Sudan—which have the supply capacity to meet a substantial part of this demand—continue to export their leather products to markets in Europe and Asia.' 'Kenya has rapidly emerged as a major force in digitalisation and innovation, both within the region and across Africa. The IATF presents a great opportunity for Kenyan Fintech companies, mobile money innovators and other technology companies to come together and showcase their ingenuity to diverse sectors on the continent. It could potentially help them scale beyond the Kenyan borders as well as attract investment to their respective businesses.' added Mr. Elmaayergi. Mr Elmaayergi made a clarion call for businesses, public and private sector in Kenya to participate and showcase their goods and services in IATF2025, where more than 2,000 exhibitors, including businesses from the African continent and globally, will exchange trade, market and investment information and showcase their goods and services to over 35,000 visitors and buyers from more than 140 countries. This is projected to translate into over US$44 billion in trade and investment deals. IATF is a platform for boosting trade and investment in Africa. In the last three editions of IATF, over $100 billion in trade and investment deals have been closed cumulatively with over 70,000 visitors and more than 4,500 exhibitors participating. Some of the activities lined up for the week-long IATF2025 include a trade exhibition by countries and businesses; the Creative Africa Nexus (CANEX) programme with a dedicated exhibition and summit on fashion, music, film, arts and craft, sports, literature, gastronomy and culinary arts; a four-day Trade and Investment Forum featuring leading African and international speakers; and the Africa Automotive Show for auto manufacturers, assemblers, original equipment manufacturers and component suppliers. Special Days will also be held, dedicated for countries as well as public and private entities to showcase trade and investment opportunities, and tourism and cultural attractions, as well as Global Africa Day to highlight commercial and cultural ties between Africa and its diaspora, featuring a Diaspora Summit, market and exhibition, cultural and gastronomic showcase. Also planned is a business-to-business (B2B) and business-to-government (B2G) platform for matchmaking and business exchanges; the AU Youth Start-Up programme showcasing innovative ideas and prototypes; the Africa Research and Innovation Hub @ IATF targeting university students, academia and national researchers to exhibit their innovations and research projects; and the African Sub-Sovereign Governments Network (AfSNET) to promote trade, investment, educational and cultural exchanges at the local level. The IATF Virtual platform is already live, connecting exhibitors and visitors throughout the year. To participate in IATF2025 please visit Distributed by APO Group on behalf of Afreximbank. About the Intra-African Trade Fair: Organised by the African Export-Import Bank (Afreximbank), in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat, the Intra-African Trade Fair (IATF) is intended to provide a unique platform for facilitating trade and investment information exchange in support of increased intra-African trade and investment, especially in the context of implementing the African Continental Free Trade Agreement (AfCFTA). IATF brings together continental and global players to showcase and exhibit their goods and services and to explore business and investment opportunities in the continent. It also provides a platform to share trade, investment and market information with stakeholders and allows participants to discuss and identify solutions to the challenges confronting intra-African trade and investment. In addition to African participants, the Trade Fair is also open to businesses and investors from non-African countries interested in doing business in Africa and in supporting the continent's transformation through industrialisation and export development.
Nikkei Asia
3 days ago
- Business
- Nikkei Asia
Kenya eyes Asian ties to counter US tariffs: trade minister
NAIROBI -- Facing the prospect of heavy U.S. tariffs and a broader turn toward protectionism, Kenya will work toward greater economic integration with the rest of Africa and seek trade opportunities in Asia, Investments, Trade and Industry Secretary Lee Kinyanjui told Nikkei. "Many of the Western nations are likely to be more inward-looking," Kinyanjui said. "This will affect big nations, small nations. But the impact on the smaller nations is going to be bigger."
Zawya
16-05-2025
- Business
- Zawya
Kenya looks to EU for more exports amid Trump tariffs
In the face of the Trump tariffs, Kenya says it is looking to the European Union to absorb more exports under their Economic Partnership Agreement (Epa). US President Donald Trump in March announced a 10 percent tariff on goods from most African countries, prompting them to seek markets elsewhere. Speaking at the second EU-Kenya Business Forum in Nairobi this week, the Cabinet Secretary for Investment, Trade and Industry, Lee Kinyanjui, said that Kenya is seeking to expand its exports to the EU's 27 member states by leveraging its horticultural and textile sectors, both of which have been affected by the Trump tariffs. Read: Pain of Trump's tariffs on African economiesHe added that Kenya's exports have increased under the Epa.'We see good progress and, in a moment of a time of turbulence such as now, it pays to have good, stable trading partners such as the EU,' the minister said.'We want to diversify our products, whether it's textiles or any other commodity. And this is one bloc - the EU - but there are many others that we are trying to build. The point is to expand our markets so that, when there is turbulence on one side, we can balance with the other.'The CS conceded that Kenya's exports to the US have been affected by tariffs, 'but now we don't want to over-rely on one particular market.''What we want is a diversified market. Send your 20 or 30 percent to the US and another 30 or 40 percent to another place, and that is how the world works,' he said. Kenya and the EU signed an Epa December 18, 2023 and Kenya ratified it on April 24, 2024, before it entered into force on July 1, 2024. This deal has met opposition from a section of the East African Community, due to concerns about its potential impact on regional trade and the African Continental Free Trade Area (AfCFTA). Latest trade figures shared by both the EU and Kenya's Ministry of Trade indicate trade between the EU and Kenya reached €3.4 billion ($3.8 billion) in 2023, with an increase of 13 percent in the past year and of 53 percent in the past 10 years in favour of the EU. In 2023, Kenya exported to the EU goods valued at $1.07 billion against imports of $1.6 billion. Filippo Amato, Trade Counsellor at the EU Delegation to Kenya, also noted the increase in the volume of trade between EU and Kenya from 2023 to 2024 - 13 percent but also acknowledged that 'the balance of trade is still in favour of the EU, but that gap is not huge.'The Southern and Eastern Africa Trade Information and Negotiations Institute (Seatini), an African think tank, has consistently expressed concerns that the Kenya-EU Epa could disrupt EAC regional integration. Read: Kenya trade pact with EU, UK hit headwinds over tariffs on alcohol'We appreciate the position of Kenya, given that failure to conclude the Epa would have locked the country out of the EU market. However, it should be noted that Kenya mainly exports vegetables, fruits and flowers to the EU to the tune of $1.3 billion, while importing mineral and chemical products such as cement, palm oil, coated, flat, rolled iron, soap, machinery,' said Jane Nalunga, Seatini executive director.'Kenya should prioritise the EAC regional integration because the EAC trade provides prospects for industrial development and structural development.'The chairman of the Kenya Private Sector Alliance, Dr Jas Bedi, while supporting the new drive by Kenya, said: 'Trade thrives on predictability, a quality currently lacking in the broader, increasingly polarised global trade environment. The EU gives us this kind of stability.''Even though the Agoa is not yet over, there is a need to diversify our markets, and the EU and other regions offer Kenya a chance to seek alternatives,' Dr Bedi noted. During the meeting meant to launch of the European Chamber of Commerce in Kenya (EuroCham Kenya), the ministers focused on addressing bilateral trade issues and agreed to initiate negotiations on the protocol on rules of origin."The EU-Kenya Epa is a landmark achievement,' said Maroš Šefčovič, EU Commissioner for Trade. 'It is the most ambitious deal that the EU has ever concluded with a sub-Saharan partner. It reflects the shared commitment to strengthen and diversify our economies, create good jobs and foster sustainable growth." © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
30-04-2025
- Business
- Zawya
Kanga power! Homegrown cotton for a homegrown economy – United Kingdom (UK) & Kenya launch Lamu cotton processing facility
The UK, Kenya, and the County Government of Lamu have joined forces to lay the foundation stone at a new cotton processing facility in Lamu County. This four-way partnership between the UK, national government, local government and the private sector is a great example of the how the UK and Kenya are working together to deliver homegrown economic growth and jobs – a standout example of the tangible results that collaboration can achieve. Construction will begin immediately and is hoped to be completed by November 2025. The project is expected to support up to 5000 jobs in the next three years. The Hon. Lee Kinyanjui, Cabinet Secretary for Ministry of Investments, Trade and Industry, said:"The ginnery, by Thika Cloth Mills, will boost cotton uptake and thus earn farmers more income, create jobs, and provide raw material for the textile industry." "With the infrastructure supporting export including a special economic zone, Lamu Port and LAPPSET, Lamu will be the hub for investors in the region." British Deputy High Commissioner to Kenya, Ed Barnett, said: "The UK is a long-term partner for long-term economic growth in Kenya. This project is a testament to the power of partnerships – the UK, national government, and county governments have joined forces with the private sector to deliver 5,000 jobs and future economic growth." "This partnership will reduce reliance on imports, put money in the pockets of farmers. It will strengthen, stabilise and support a sustainable homegrown cotton industry in Kenya. Long live Kenya kanga!" This partnership directly supports the Government of Kenya's textiles and garments national development priority, by reducing reliance on foreign imports – which currently make up around 90% of cotton in the country. Kenya currently produces 3,000 bales of cotton per year, whilst the total demand ranges between 140,000 – 260,000. This partnership will develop a homegrown cotton industry and allow Kenyan businesses to capitalise on economic opportunities within their own country. The processing plant will create jobs and stimulate economic growth in Lamu County. It is hoped the facility will triple cotton production in Lamu from 2,000 bales per year to 6,000 over the next three years. This will also support local cotton farmers as the facility will be built close to farms, reducing transportation costs as well as providing them with a larger market for their produce. The proposed plant will not only source cotton from Lamu County but from Kilifi, Tana River, Kwale, and Taita Taveta counties. The reduced need for transportation is expected to decrease the carbon footprint of the textile production process by 262 metric tons of carbon dioxide every year, supporting Kenya's climate ambitions. This project will also have a positive social impact and place a significant emphasis on providing substantial economic opportunities to women and promoting gender equality, as the employees at the processing plant are expected to be at least 50% women. The programme falls under the UK's Sustainable Urban Economic Development programme (SUED), which aims to add value to Kenyan agricultural produce before export. The UK has provided seed-funding to de-risk the investment for all partners involved. The Government of Kenya has provided additional funding, with the remaining funds being provided by Thika Cotton Mills. Lamu County sealed the deal by providing land for the ginnery. SUED has been operational in Lamu for four years, and this is the programme's fourth value-chain project in the county. It has secured investors for the cotton ginnery as well as fish processing, coconut processing, and cashew nut processing facilities. Across Kenya, our £8 million seed fund investments through SUED have helped unlock £48 million in private capital and supported the creation of more than 10,000 jobs. The UK Government partners with Kenya across multiple sectors in Lamu County. The UK supports: trade and investment though the development of infrastructure and customs processes at Lamu Port; regional security through programmes to counter violent extremism; and environmental programmes to reduce plastic pollution and increase biodiversity. Distributed by APO Group on behalf of British High Commission Nairobi.
