Market News

Kenya joins Canada-Africa Chamber of Business to boost trade

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A cargo ship arrives at the Mombasa port. FILE PHOTO | NMG

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Summary

  • Kenyan businesses are set to benefit from new trade and investment opportunities in North America after joining the Canada-Africa Chamber of Business as a full time member.
  • The 27-year old independent, not-for-profit organisation seeks to accelerate Canada-Africa trade through information sharing and networking events.

Kenyan businesses are set to benefit from new trade and investment opportunities in North America after joining the Canada-Africa Chamber of Business as a full time member.

The 27-year old independent, not-for-profit organisation seeks to accelerate Canada-Africa trade through information sharing and networking events.

It brings together key African decision makers such as ministers and head of states, investors, entrepreneurs and policy makers.

“On behalf of the board, I am pleased to welcome an African hub and a leader on the continent,” said the chamber’s chair Sebastian Spio-Garbrah in Ottawa, Canada.

Kenya’s trade deficit with Canada stood at Sh11 billion in 2019.

Data from the Kenya National Bureau of Statistics (KNBS) shows that the country imported goods worth Sh13.9 billion from Canada in 2019, a 56 per cent increase from Sh8.9 billion in 2018.

Exports to Canada, which included vegetables and textiles, stood at Sh2.9 billion in 2019.

After admission, Kenya will host the Second Session of the Bi-national Commission meeting between Kenya and Canada on trade and investment from April 13 to 15 in Nairobi.

Other activities being lined up include the signing of a memorandum of understanding (MoU) between the Kenya Private Sector Alliance (KEPSA) and the chamber in mid-April as well as a virtual trade mission from Canada to Kenya in the second half of May.

‘We look forward to benefiting from the expertise and knowledge of over a quarter a century promoting trade and investment between Canada and Africa,’ Kenya High Commission in Ottawa Charge d’Affaires Stephen Lorete said.