Australia plans to invest in Kenya’s horticulture and renewable energy sub sectors in a bid to boost trade ties between the two countries. Kenya Australia Chamber of Commerce Chair Stephen Kuria says this will go a long way in easing the current trade imbalance that stands at 60%-40% in favour of Australia.
According to the United Nations Conference on Trade and Development World Investment Report 2015, last year Kenya recorded 95% increase in Foreign Direct Investment inflows at 97.8 billion shillings from 49.9 billion shillings in 2013.
The government has among others offered tax incentives in order to increase more Foreign Direct Investment.
The signing of a memorandum of understanding between Australia and Kenya will boost trade relations between the two countries.
Australia’s largest investment in Kenya currently is the 31 billion shillings Base Titanium Minerals Sands Project in Kwale.
Australia is eyeing the horticulture and renewable energy sector as it seeks to increase its investments in Kenya. Ω