The UAE and Kenya have reached a landmark agreement for a comprehensive economic partnership agreement (Cepa), aiming to provide further access to the rapidly developing African continent. The agreement, a “landmark” one, will focus on sectors such as food production, technology, logistics, and mining.
In 2023, the non-oil trade between the two countries increased 26.4% YoY to $3.1 billion. The UAE’s Cepa programme has been successful, with deals with Mauritius and the Republic of Congo. Kenya’s real GDP increased to an estimated 5% last year, while the developing African economy is projected to achieve growth between 4.5% and 5.2% in the current year. The agreement is expected to hasten investment flows in high-potential areas like healthcare, travel, and information communications technology, as well as help small and medium enterprises expand.
Kenya has also dropped visa requirements for all travelers globally, making it a popular destination for tourists. The services sector and its agricultural sector offer “vast potential” for UAE businesses looking to expand into Africa. The agreement is expected to boost trade and investment figures, facilitate innovation, and foster sustainable growth in several sectors.
Comments
Post a Comment