Trade CS Kuria in Saudi Arabia for trade talks
The Cabinet Secretary, Ministry of Investments, Trade and Industry Moses Kuria is in Saudi Arabia for a three-day state visit.
The CS left Kenya for Riyadh on Monday, December, 19.
He said on Twitter, “I was received and hosted for dinner by my counterparts Majid Al Qassabi, Minister for Commerce and Media and Khaled Al Falih, Minister for Investments, and other high-ranking leaders in the Public and Private Sectors.”
According to CS Kuria, his visit aims at deepening trade and investment partnerships between the two nations.
He will hold bilateral talks with my two counterparts as well as a meeting with the Private Sector movers and the Saudi Public Investments Fund.
The Saudi Public Investments Fund is a tool by the Saudi government for the economic diversification of the oil-rich state through strategic international and domestic investments.
Kuria is the second Cabinet Secretary to visit Saudia this year.
In March, former Foreign Affairs Cabinet Secretary Raychelle Omamo visit the country for talks with her Saudi Arabian counterpart Prince Faisal bin Farhan Al Saud.
During the visit, Kenya and Saudi Arabia have signed a Memorandum of Understanding (MoU) on Political Consultations aimed at strengthening the existing friendly relations.
The agreement focuses on trade opportunities, targeting to improve the balance of trade currently hugely titled in favour of Saudi Arabia.
The Economic Survey 2020 shows Kenya’s imports from Saudi Arabia were valued at KES 127.2 billion in 2019, which was fourteen times more than the value of Kenya’s exports which totalled KES 8.9 billion.
Other commodities Kenya is keen to export under the agreement are mate and spices, live trees, plants, bulbs, roots, edible fruits, nuts, peel of citrus fruit, and melon.
Saudi Arabia has also emerged as the fastest-growing source of remittances, indicating increased migration of jobless Kenyan employees despite mistreatment and inhumane treatment of foreign domestic workers in the Middle Eastern country.
According to Central Bank of Kenya (CBK) data, Kenyans living in Saudi Arabia sent KES 22.65 billion home in the first eight months of the year.
This places the Gulf country third in terms of remittances to Kenya, after the United Kingdom (KES 25.4 billion) and the United States (KES 188.8 billion).
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