The European Union (EU) has committed Ksh3.6 billion (€25 million) to boost business development in Kenya, an investment aimed at enhancing economic collaboration between Kenya and the EU.
This financial injection is part of a broader initiative under the Economic Partnership Agreement (EPA) between Kenya and the EU designed to strengthen trade ties and open up new markets for Kenyan products across all 27 EU member states.
During a recent briefing in Nairobi, EU Ambassador to Kenya Henriette Geiger emphasised the importance of establishing a robust governance structure to oversee the implementation of the EPA.
“The key objective is to set up the governance structure of this economic partnership agreement, and that is very important,” Geiger stated.
“An agreement like that needs to be steered, and if there are issues at the adequate level, they need to be ironed out both at the technical and the political level.”
The EPA represents a landmark agreement that not only facilitates market access but also encourages mutual investment between the two regions.
Trade Cabinet Secretary Salim Mvurya acknowledged the EU’s pivotal role in Kenya’s business development, noting that the Ksh3.6 billion funding would be directed towards an investment promotion program under the State Department for Investment.
“We were meeting to appraise each other on the number of issues we need to look at and also to thank the EU,” Mvurya said.
“The EU has financed €25 million, and this is a program that is going to be running in the investment promotion at the State Department. The EU is a great partner, and through the economic partnership agreement, Kenya and the EU have agreed to access each other’s markets.”
In addition to the financial support, the Kenyan government is launching a nationwide sensitisation campaign to inform the business community about the opportunities presented by the EPA.
On his official social media platforms, Trade CS Mvurya explained the transformative potential of the EPA for Kenya’s trade business and investment landscape.
“We are embarking on a nationwide sensitization module aimed at appraising the Kenyan business community on the vast opportunities presented by the European Union Economic Partnership Agreement (EPA),” Mvurya posted.
“This strategic initiative will provide comprehensive insights into the benefits and potential of the agreement, which promises to open new markets for Kenyan products across all 27 European Union member states.”
Mvurya stressed the importance of keeping both the business and investor communities informed about the EPA, describing it as a transformative agreement that will enhance Kenya’s trade prospects.
