Trade between Kenya and Ethiopia will see faster growth through the involvement of the private sectors, Foreign Affairs and International Trade Cabinet Secretary Amb. Amina Mohamed has said.
Speaking during a business forum held in Addis Ababa that brought together businessmen for both countries Amb Mohamed said a vibrant private sector will spur growth, reduce poverty and improve people’s lives.
“The private sector has a key role to play in addressing common challenges our countries face by supporting inclusive growth, poverty reduction, job creation, and access to critical goods and basic services and by providing tax revenues,” said Amina.
Members drawn from National Chambers of the two countries attended the forum.
Over 30 businessmen from Kenya have accompanied President Uhuru Kenyatta who is Ethiopia for a four day state visit to boost bilateral ties between the two countries.
Amb Amina underscored the rich history Kenya and Ethiopia share noting that this dated back to 1954 when Ethiopia established an Honorary Consulate General in Kenya.
Ethiopia appointed its first Ambassador to Kenya in 1961 and six years later Kenya opened an Embassy in Addis Ababa.
“I am glad to note that the volume of trade between Kenya and Ethiopia has been registering a steady growth over the years. But there remains a huge unexploited potential, and this is part of the reason why forums like this are very important as they help us to increase our commercial interaction,” said Amina.
She said Kenya was committed to implementation of the Special Status Agreement which she said will enhance trade and investment flows between both countries.
She said the SSA will provide a strong foundation for sustaining the special relationship between Kenya and Ethiopia, and provide a framework for engagement with bilateral investors particularly in the development of strategic infrastructure and aligning them to both countries’ development agenda.
The areas of co-operation identified in the Special Status Agreement include trade, investment, infrastructure, food security and sustainable development.
“Kenya and Ethiopia are out to encourage the private sector driven growth, we acknowledge the fact that the private sector thrives on profits and the two governments therefore must facilitate repatriation of profits by businesses operating in either country and put in place mechanisms for avoidance of double taxation of incomes earned in one country by companies belonging to the other country,” said Amina.
She called for fair competition particularly in such flagship areas such as the hospitality, transport and airline industry.
The Forum was also addressed the State Minister of Industry Sisay Gemechu, the Kenya National Chamber of Commerce and Industry Chairman Kiprono Kitony and his Ethiopia counterpart Ms. Mulo Solomon.
Related articles on the web
Uhuru heads to Ethiopia on 4-day State visit
Ethiopia gives green light to Kenyan banks to open office
President Kenyatta visits Ethiopia’s premiere automotive plant
Kenya closer to ratifying the CFA bill on the Nile
Kenya invites Ethiopian firms to raise funds through Nairobi “stock market”
UAE Investors Eye Investment Opportunities in Ethiopia
Kenyan parliament to ratify CFA
Ethiopia Supports Campaign Against International Court
Ethiopia Supports Campaign Against International Criminal Court
Kenyan President Visits Ethiopian Airlines
Ethiopia: Kenyan Bank Looks to Ethiopia
The first East African Commodity Exchange launched
Join Conversations