UPDATES
Ruto’s government banking on aggressive export-led economic growth
Kenya will continue negotiations of various trade pacts seeking to secure access to markets abroad for Kenyan produce.
According to a cabinet despatch on Tuesday, December 6, the government will pursue ‘Export-led Growth’ as part of the efforts to improve the economy.
In a bid to turn around the country’s economy, Kenya will continue strengthening existing partnerships under the East African Community, Common Market for Eastern and Southern Africa (COMESA), African Continental Free Trade Area (AfCFTA), and the United Kingdom.
“There are ongoing trade negotiations that are seeking to enhance duty-free and quota-free access of Kenya products under Free Trade Area Agreements with the USA, UAE, South Korea, and the EU,” said the dispatch in part.
However, the government will also institute measures to prevent the flooding of the local market with cheap products. According to the cabinet, the government will initiate anti-dumping and countervailing measures led by the Ministry of Investments, Trade, and Industry; jointly with other key stakeholders.
The cabinet directed the operationalization of the Trade Remedies Agency and the Trade Negotiations Council, to further aid the fight against dumbing of cheap products.
In order to further instigate local investments, Kenya will next year host the Kenya International Investment Conference with a view to profiling investment opportunities in Special Economic Zones, Public-Private Partnerships, and Foreign Direct Investments in energy.
Kenya will also bid to host the 2023 Africa Youth Connect Conference, which is expected to attract over 10,000 youth from across the length and breadth of Africa, and the Africa Private Sector Alliance Conference in March 2023, bringing together the top 100 companies in Africa in support of the accelerated implementation of the Africa Continental Free Trade Area.
Kenya will also see to host the Tripartite Free Trade Area Business Council Conference in February 2023.
In 2020, the value of exports in Kenya was estimated at roughly KES 643.7 billion, with agricultural produce leading the way.
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