State to explore new frontiers to diversify export investments

The government has said there is a need to explore new frontiers to diversify export base investments in areas like sustainable agriculture and clean energy.

Prime Cabinet Secretary Musalia Mudavadi said that Kenya presents a conducive business environment, has a strong democracy and business-friendly policies, which are advantageous for potential investors.

“Today marks a significant milestone as we gather to strengthen the ties between our nations and explore new avenues to strengthening our collaboration. Your presence here underscores the value of deepening partnership between Kenya and Canada,” Mudavadi said. 

Mudavadi made the remarks when he represented President William Ruto during the 2nd Canada – Africa business forum held in Nairobi on Monday.

He said Kenya’s strategic location makes it a natural gateway to three strategic economic blocs namely the East African Community, Common Market for Eastern and Southern Africa and the African Continental Free Trade Area.

He said these trading blocs present unique opportunities for consolidating, diversifying and expanding exports to the African market.

Additionally, he said Kenya's infrastructure, which includes the Port of Mombasa, the Lamu Port, South Sudan, Ethiopia Transport Corridor (LAPSSET) and Jomo Kenyatta International Airport, as well as its coastline along the Indian Ocean guarantees effective and reliable logistics and transportation gateway to the rest of the African countries.

Similarly, Mudavadi told the forum that Kenya is the regional logistics hub, a leading regional finance hub, a top destination for foreign direct investment and venture capital and also the presence of Konza technopolis commonly referred to as the Silicon Savannah of Africa.

He said Kenya has a young, vibrant, highly skilled and educated workforce giving companies access to qualified human resources.

“Kenya offers huge investment opportunities in various sectors such as agriculture, medical care, clean energy, Fintech, infrastructure financing, tourism, banking, logistics and manufacturing. I am pleased to note that these are sectors that will be centred in your discussions during the conference,” the Prime CS said. 

At the same time, he said Africa possesses vast mineral resources, immense renewable energy potential and abundant arable land making it the last frontier of sustainable transformative development.

“Let us work to explore new frontiers to diversify our export base investments in areas like sustainable agriculture and clean energy, and ensure that this critical relationship contributes to shared prosperity,” Mudavadi said.

Mudavadi was optimistic that continued engagement and private sector involvement through such events would enhance trade and investment relations between Kenya and Canada.

“As we embark on this journey together, let us embrace the spirit of partnership. Let us work hand in hand to overcome our challenges and build a brighter future for generations to come,” he said.