The Kenya National Chamber of Commerce and Industry (KNCCI) has opened a new branch in Changsha, China, aimed at fostering trade and investment between the two countries.
Speaking during a meeting in Nairobi on Wednesday, KNCCI CEO Mr. Patrick Nyangweso said that the new branch will help promote collaboration, facilitate business partnerships, and display Kenyan products and services in the vibrant Chinese market.
Echoing the CEO’s sentiments, Dr. Erick Rutto, the Chamber President said that the expansion into China is strategic and will advance cooperation between Kenya and one of the world’s largest economies.
At the same event, Zhang Yijun, Minister Counsellor in China’s Embassy in Kenya, lauded KNCCI’s initiative saying the move will boost trade between the two nations.
According to the two parties, the new branch will be integral in identifying business opportunities for Kenyan meat and other related products.
A photo graphics describing trade balance between Kenya and China, which is a major exporter of electronics.
The President further revealed that KNCCI is planning to open more branches in various countries to promote Kenyan business.
At the event, Laskia Ventures CEO Caroline Gathoni emphasized the opportunity presents an opportunity to market Kenyan products particularly within the leather and sisal industry.
KNCCI expressed gratitude to the Chinese government for facilitating collaboration and strengthening bilateral relations.
According to a report by the Observatory of Economic Complexity in August 2023, Kenya imported goods worth Ksh93 billion from China while exports stood at Ksh2.9 billion.
Kenya’s major exports to China include tea, coffee, flowers, and fruits, while the country primarily imports machinery, electronics, and textiles.
China, currently Africa’s leading trade partner, extended a zero tariff treatment in 2021 to 98% tax items for products that encourage exports to China.
This significant trade agreement not only boosts economic ties but also serves as a platform to showcase Kenyan culture and tourism in Asia.
A photo collage of a Kenyan passport (left) and Chinese passport (right).
Varsity Scope/Jing Daily