President Uhuru Kenyatta witnessed the signing of a Kenya-United States private sector trade agreement.
Uhuru went to the US on a two-day official visit on which he will chair the UNSC high-level open debate on diversity and peace.
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The detailed agreement seeks to expand trade and investments between the two countries.
The agreement that was signed between Kenya Private Sector Alliance (KEPSA) and Corporate Council on Africa (CCA) will provide a framework for the small and medium enterprises (SME) to work together through financing, sharing information, logistic and sharing.
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CCA is the largest umbrella body of American companies operating in Africa with the objective of promoting trade and investments between the US and the entire continent of Africa.
The Kenyan head of state said the pact was part of efforts t support the growth of the SME sector as a key enabler of employment and wealth.
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He also said the agreement will present fresh opportunities for Kenyan SMEs as the doctor plays a major role in guaranteeing Kenya’s economic resilience especially when the country is facing hardships.
“I have always had the opportunity of saying that Kenya is a country that people always wonder where the resilience of our economy comes from. A country where despite a myriad of shocks, occasioned over the years, always prove to be very resilient,” Uhuru said
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“That resilience comes from our small and medium enterprises. It comes from what you refer to as the informal sector, what many in Kenya refer to as the Jua Kali,” the President added.
Uhuru noted that the economies of both countries are relying largely on SMEs. He also said the pact will assist Kenya’s recovery effort from the effects of the COVID-19 pandemic.
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“As we look into the future, the future where we are all focused on recovering, it will be this sector that once again will be the foundation of recovery that we all seek to see in the months and years ahead of us,” Uhuru said.
Uhuru reiterated that his administration will support the implementation of the trade pact noting its success is the success of Kenya as a country and its people.
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During the signing ceremony, KEPSA CEO Carole Kariuki who was present at the event said her organization’s focus is to ensure Kenyan SMEs benefit from the American market by leveraging on networks and expertise provided by its trade and investment pact with CCA.
“Our focus right now is to scale up the SMEs so that we really can move into development. We want to connect them with the stores in the US and help them access the market. Many of the SMEs do not know how to access African Growth and Opportunity Act (AGOA)-the training, the logistics, the financing and that is what we want to do,” Kariuki said.
Carole Kariuki. PHOTO/PSCU
Florid Liser, the CEO of CCA commended President Uhuru for creating a conducive environment for business for both local and foreign investment to thrive by championing progressive policies and building enabling infrastructure.
Florid Liser. PHOTO/PSCU
