Partnerships Key in Driving Egypt-Kenya business Links - Experts

Partnerships have been identified as key drivers that will bring together Egyptian and Kenyan businesses seeking new opportunities in the two countries.

Prime Cabinet Secretary Musalia Mudavadi has said entry of Commercial International Bank (CIB) into Kenya’s market is a major win for Africa’s quest to enhance trade among its 54 member states.

Speaking at the Kenya-Egypt Business Forum in Nairobi attended by 40 Egyptian companies among them construction, transport, water, tourism, manufacturing and healthcare, Mudavadi said Kenya was at the forefront of opening its market to African countries to boost intra-Africa trade.

“As a government, we will facilitate and give you the necessary support so that trade, commerce and investments can grow and benefit the people in our two countries,” said Mudavadi.

The PCS who was accompanied by Egypt’s Foreign Minister Sameh Hassan Shoukry said CIB as part of Egypt’s business community was welcome to do business in Kenya as well as use it as its launchpad to the rest of Sub African Africa.

In the same forum Commercial International Bank (CIB) pledged support for traders across East Africa seeking to directly conduct business in Egypt.

CIB made this announcement during the first Kenya-Egypt Forum in Nairobi where the bank highlighted its role in facilitating trade for Egyptian businesses currently working in Kenya.

“Over the past two years, we have played a great role in funding trade and investment opportunities for Egyptian companies doing business with Kenya,” said the Acting CEO of CIB Kenya Daphne Maina, during the event.

She added “Since we now have a solid footprint in Kenya, we have provided a seamless platform for the businesses to unlock growth opportunities and we see that we can play an integral role in doing the same for Kenyan companies doing business with Egypt.’’

Egypt is shifting its economic strategy by enhancing collaboration with sub–Saharan Africa through public-private partnerships like the Kenya-Egypt forum that attracted 40 Egyptian companies among them construction, transport, water, tourism, manufacturing and healthcare.

CIB is playing a critical role in this and has coordinated the event in close collaboration with Kenya’s Ministry of Investment, Trade & Industry and the Arab Republic of Egypt Embassy in Nairobi.

The bank’s niche lies in facilitating exports and it is working to grow business links between the two countries such as with tea, where Egypt is the second-largest market for Kenyan tea exports.

Kenya also exports coffee, nuts, meat, wheat and flowers, skin and hides as well as live animals to Egypt.

On its part, Egyptian businesses export fertilizer, textiles, building materials, medicines, vehicles, electronic appliances, electricity accessories and sports equipment among others.