Chinese, British enterprises ink MOU to promote investments in Kenya

Source: Xinhua| 2019-11-01 18:35:05|Editor: ZX
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NAIROBI, Nov. 1 (Xinhua) -- The umbrella body of Chinese enterprises in Kenya on Thursday signed a memorandum of understanding with British Chamber of Commerce Kenyan (BCCK) chapter to promote investments in sectors that will uplift living standards of local communities.

Wu Peng, the Chinese Ambassador to Kenya, government officials, and business executives attended the ceremony to formalize collaboration between Kenya China Economic and Trade Association (KCETA), BCCK and Kenya Private Sector Alliance (KEPSA).

The tripartite agreement will leverage on competitive edge of both the Chinese and British enterprises to stimulate investments in strategic sectors like infrastructure, financial services, manufacturing and agriculture.

Li Changgui, chairman of KCETA, said the signing of the MOU with British and Kenya's business lobbies reaffirmed the commitment by Chinese enterprises to strengthen partnerships that advance mutual benefits.

"Our member enterprises have conducted substantial cooperation and communications with a number of British companies," said Li, adding that Chinese and British enterprises are keen to adopt investment practices that create positive impact on local communities and the environment.

Jane Marriot, the British High Commissioner to Kenya, said that a structured engagement with Chinese enterprises will foster sharing of expertise that can advance the development of quality infrastructure in East Africa's largest economy.

"Given the successful working relationship that UK and Chinese infrastructure firms already have in Kenya, we are keen to encourage further partnerships between the two groups," said Marriot.

She said that engineering prowess of Chinese construction firms combined with the British companies' expertise in environment, contract management and provision of legal services, will further deliver quality infrastructure to Kenya and the Africa continent.

Graham Shaw, the chairman of BCCK, said that an MOU with Chinese enterprises will foster dialogue with Kenyan policymakers aimed at improving the investment climate.

"The MOU is about our common interests. It is about strengthening cooperation with Chinese companies in many areas," said Shaw.

He said that British firms have already forged a working relationship with Chinese enterprises like Huawei and China Communications Construction Company that have invested heavily in Kenya's transport and digital infrastructure.

Carole Kariuki, chief executive officer of KEPSA , said the signing of an MOU between Chinese and British enterprises will benefit local economy through robust trade and investments.