Trade ties between Kenya and the UK were boosted with a signed agreement between the UK Export Finance (UKEF) and the African Trade Insurance (ATI).
The agreement will involve ATI and UKEF collaborating in export facilitation, foreign direct investments and trade flows between African countries and the UK. UKEF will furnish information on the available investment opportunities and projects in Africa.
Kenya will benefit from the signed agreement as importers will access ready market for their products in the UK and link with investors and sponsors who may be interested in their products and projects.
The Chief Executive Officer of ATI George Otieno stated that the agreement will give African buyers and the UK suppliers access to each other, which will in turn lead to greater trade ties between the two countries.
Otieno added that African companies together with those in the UK will start working together with an aim of opening up more opportunities in the local market which is key in boosting trade in Kenya and Africa at large.
British High Commissioner to Kenya Nic Hailey said that the deal was going to help firms in the UK to exploit their resources in Kenya. He added that Kenya will benefit greatly since the UK has got most of the resources needed in the development of infrastructure, advanced engineering, energy, ICT and defense and the security sector.
Some of the exports that the UK exports to Kenya include motor vehicles, machinery and chemical related products. In February, the UK funded Kenyan importers of goods from their country with Sh74 billion.
ATI is Africa’s export credit agency that provides political risk and trade credit risk insurance products. Its aim is to reduce risk in businesses and cost of carrying out business in Africa. They also help in increasing investment opportunities into the African member countries and two-way trade flows between Africa and the rest of the world. They facilitate exports, foreign direct investment into trade flows within the continent.
Article by Vera Shawiza.