Kenya/UK EPA Council and Investment Forum Meetings In London Eyeing 1.2 Trillion
President Ruto with British Prime Minister Rishi Sunak on the sidelines of COP27
By Our Correspondent
Worth Noting:
- The UK is supporting the Kenyan business environment, particularly on tax and customs, intellectual property and counterfeit goods, public procurement, and research and development.
- The institutional governance framework of EPA comprises of EPA Council, Committee of Senior Officials and Consultative Committee. The EPA Council co-chaired by The Cabinet Secretary for Investments Trade and Industry, comprises of
- Cabinet Secretaries for; National Treasury and Planning, East African Community and Regional Development, Agriculture, Livestock and Fisheries and The Attorney General.
- Cabinet Secretary Moses Kuria who is leading the high-powered government delegation to the London talks will be accompanied by among others Kisumu Governor Prof. Peter Anyang Nyong’o.
A high-powered government delegation is in London for the Economic Partnership Agreement and Investment meeting that Kenya will leverage to intensify pitches to investors in efforts to net KSh1.2 Trillion in Foreign Direct Investments this year.
The Economic Partnership Agreement (EPA), was signed on December 8, 2020 and ratified in March 2021, with its two key objectives being; to provide full duty-free and quota-free market access conditions for goods originating in EAC Partner States into the market of the UK on a secure, long- term and predictable basis; and to preserve and improve market access conditions to ensure that Kenya fully benefits from the EPA.
In economic terms, the EPA provides a good framework for strengthening of the strategic cooperation between Kenya and UK in the areas of trade, investment, research, innovation and development, value addition and capacity building, among others, towards encouraging and promoting improved relations at both Government and private sector level.
The Economic partnership agreement allows Kenya and UK to maintain trade relations post Brexit and grants Kenyan goods, particularly horticulture exports duty free access to the UK.
Through the EPA agreement, Kenya and UK have undertaken operations on market access and business environment issues having held discussions in March last year as well as the Trade and Business environment road show in the UK.
The UK is supporting the Kenyan business environment, particularly on tax and customs, intellectual property and counterfeit goods, public procurement, and research and development.
The institutional governance framework of EPA comprises of EPA Council, Committee of Senior Officials and Consultative Committee. The EPA Council co-chaired by The Cabinet Secretary for Investments Trade and Industry, comprises of
Cabinet Secretaries for; National Treasury and Planning, East African Community and Regional Development, Agriculture, Livestock and Fisheries and The Attorney General.
Cabinet Secretary Moses Kuria who is leading the high-powered government delegation to the London talks will be accompanied by among others Kisumu Governor Prof. Peter Anyang Nyong’o.
Kisumu County is among beneficiaries of deals between Kenya and the UK, which have been spearheaded by the Ministry of Investment, Trade and Industry, Cabinet Secretary.
As part of the four-day investor engagement, an investment forum hosted by His Majesty’s Trade Commissioner for Africa, John Humphrey, delegations from both countries will witness the signing of an investment partnership worth KSh30 billion between United Green and the County government of Kisumu. Prof. Nyong’o is expected to sign the deal on behalf of the County Government of Kisumu.
So far, the British Government has announced funding worth billions of shillings to Kenya in renewed efforts to deepen trade and investment between the two countries.
The theme of the forum will be to build and promote trade and investment partnerships between Kenya and the United Kingdom.
The UK is keen on helping Kenyan exporters of agricultural produce to the UK, currently worth over KSh46 billion annually, by increasing UK investment in value addition activities in Kenya and supporting the ‘Made in Kenya’ brand.
The Kenya Investment Authority has packaged bankable investment opportunities worth approximately KSh2.3 trillion that Kenya’s Cabinet Secretary for Investment, Trade and Industry will present to UK investors.
The forum is being held through a Ministerial Council meeting on the Economic Partnership Agreement scheduled for today in London.
The forum will provide a platform to explore opportunities between the two countries to grow economic relationship and mutual prosperity. Participants are drawn from senior Government and private sector officials including Principal Secretaries and Chief Executive Officers representing various relevant Government agencies from Kenya as well as Government and private sector players from the UK.
The Key State Agencies involved include Kenya Bureau of Standards, Kenya Development Corporation, Kenya Intellectual Property Institute, Kenya National Trading Corporation, LAPSSET and Kenya Investment Authority (KenInvest).
The Private Sector is represented by among others, its umbrella organization Kenya Private Sector Alliance (KEPSA) through Mr. Bimal Kantaria who is the MD for Elgon Kenya Ltd, Fresh Produce Exporters Association and The Kenya Flower Council.
Bilateral Cooperation between Kenya and UK dates to pre-independence. Presently, the UK and Kenya Governments’ bilateral relations were elevated to the strategic partnership following the launch of UK–Kenya Strategic Partnership Framework for the period 2020 -2025 in January 2020 at the sidelines of the UK-Africa Summit held in January 2020 in London.
The Kenya-UK Strategic Partnership 2020-2025 aims to deepen cooperation between the two countries to a more ambitious partnership that will make the two countries deliver more prosperous, secure, and sustainable societies and reflect on the prevailing opportunities and challenges.
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