•It is organized by the Continental Business Alliance(CBA).
•It is a corporate membership organization formed to address the challenges facing SMEs.
Image: Amos Njau
A global summit between Kenya and the US Small and Medium-sized Enterprises (SMEs) that will take place in Nairobi is expected to improve trade ties between the two countries.
The event will be held at Safari Park Hotel on February 25.
It is organized by the Continental Business Alliance(CBA.
It is a corporate membership organization formed to address the challenges facing SMEs.
Speaking during a press briefing on Friday, chairman Moffat Kariuki said they are expecting more than 200 exhibitors from Kenya and the US.
He said the summit will help the two countries to interacts and unveil projects that will boost innovation and improve access to finance for Small and Medium-Sized Enterprises.
In attendance will be policymakers and business leaders.
“There are a lot of opportunities that our people can plug into in the global market,” he said.
Ruben West, an international business trainer, said the summit will also focus on human capital, how to strike alliances, and managing businesses.
The summit is supported by the Intra-Commonwealth Small and Medium-sized Enterprises Association (ICSA) and Kenya’s Ministry of Trade and Cooperatives.
“The Summit will enable businesses to showcase their products and services, network with private and public sector leaders, forge new business relationships and position their businesses in the global market,” Kariuki said.
Global partners and purpose Network CEO Nashon Juma called on the government, through the Ministry of Trade, to support the increase of knowledge among the business community.
Kenya and the US have been pushing for a Free Trade Agreement (FTA) that started more than a year ago. The East African state remains keen to secure a free trade pact ahead of the lapse of the African Growth and Opportunity Act (AGOA) in 2025, which eliminates import tariffs on goods from eligible African nations.
Negotiations for an FTA commenced on July 8 2020, during former President Trump’s administration, but were put on hold when the US went into elections in November, which saw President Joe Biden elected.
Biden’s administration later opted to review modules that had been agreed, a move expected to bring in fresh proposals for the trade deal.
More than 70 per cent of Kenya’s exports to the US are duty-free under AGOA. In 2020, the value of Kenyan exports to the US fell to Sh49.4 billion from Sh51.9billion in 2019, the Kenya Economic Survey 2021 indicates.
“The decline is partly attributed to the decrease in the value of domestic exports of shelled macadamia nuts, and articles of apparel and clothing accessories,” the survey by Kebs indicates.