Abu Dhabi: The UAE and Kenya have finalized negotiations on a Comprehensive Economic Partnership Agreement, opening a new chapter in trade relations between the two countries that will protect essential East and West supply chains, encourage investment in priority areas, and improve market access for companies operating in both countries.
In addition to providing a platform for SME cooperation and growth on both sides, the CEPA will significantly accelerate investment flows in high-potential industries like logistics, healthcare, travel and tourism, infrastructure, and ICT.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that, “The UAE-Kenya Comprehensive Economic Partnership Agreement marks a significant milestone in our CEPA program. It is a testament to our commitment to strengthening economic ties with the African continent and to creating new opportunities for businesses and investors in both of our countries.
The UAE-Kenya CEPA will not only boost trade and investment, but also foster innovation and sustainable growth in key sectors such as agriculture, technology and tourism. We look forward to deepening our relationship with Kenya and to further expanding our presence in Africa as a trusted partner and investor.”
Kenya’s economy, one of the most promising in Africa, experienced real GDP growth accelerating from 4.8 percent in 2022 to an estimated 5 percent in 2023, while it is projected that real GDP will grow between 4.5 percent and 5.2 percent in 2024. Among others, its services sector, which accounts for 53.6 percent of Kenya’s GDP, and agriculture sector, comprising around a quarter of national GDP, offer vast potential for UAE businesses looking to expand into the region.
Foreign trade remains the cornerstone of the UAE’s economic agenda. In 2023, the UAE’s non-oil trade in goods reached an all-time high of $710 billion, a 12.6 percent increase on 2022 – and 34.7 percent more than 2021.