Kenyan and Norwegian agencies on Friday inked an agreement in Nairobi
to increase trade, investments and economic development in the east
African nation.
The deal inked between the Kenya
Investment Authority (KenInvest) and the Norwegian Government Agency for
Trade and Investment Promotion, Innovation Norway will enable 22 firms
from Norway to invest in Kenya after having identified projects and
opportunities in the country.
KenInvest Managing Director, Dr.
Moses Ikiara said the investment agency will strive to increase the
number of Norwegian companies investing in the country so that small and
medium enterprises can gain relevant technology and expertise.
Ikiara
said the total trade volume between Kenya and Norway in 2013 was about
68,000 U.S. dollars hence the partnership to increase the volume of
trade between the two countries.
"We have partnered with
Innovation Norway to encourage investors to invest in the county,"
Ikiara told journalists during the signing of the MoU.
Areas of
collaboration will include identifying trade and investment
opportunities suitable for promotion to Norwegian Companies as well as
support and move for the execution of a suitable taxation agreement
between Kenya and Norway.
Others include advice and guide
interested investors and traders on policies opportunities and
guidelines for investment and trade bilaterally as well as organizing
trade and investment delegations and fairs between the two countries.
Innovation
Norway Director, Jens Claussen said the agency which established its
first office in Nairobi in February has identified projects and
opportunities.
Claussen said the office, the first one in East
Africa region, is currently working closely with key government
interlocutors and the business community in the region.
"Currently
we are assisting more than 10 Norwegian companies with entry into the
market; both for trade and investment related opportunities," he said.
KenInvest is actively seeking ways to increasing the pace of growth of investments in the country.
One
key avenue being pursued is the initiation of partnerships with
commercial and economic sections of foreign missions in Kenya in
identification of investment opportunities, marketing and promotion,
project profiling and matchmaking between large investors and members of
the MSEMs sector.
The agreement also aims to support the one stop center to attract and to facilitate investors' registration in Kenya.
The two agencies also aim to jointly advocate for better and more conducive policies and procedures.
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