July 20, 2016
Trade and Industry Cabinet Secretary Adam Mohamed said Kenya is particularly leveraging on Iran’s expertise in the textile and oil and gas sectors to develop strong local industries.
The CS made the remarks during a meeting with Iranian minister of Trade and Mining Mohammed Reza, who’s in the country seeking investment opportunities.
“We are excited at these potential opportunities to amplify our trade relationship as we seek to leverage our competitive advantages in diverse industries for our mutual benefit,” Mr Mohamed said.
The meeting is a follow-up of a memorandum of cooperation signed between the two countries during the 10th ministerial meeting of the World Trade Organization.
Iran is currently a large importer of Kenyan tea, horticulture and a major exporter of oil to Kenya as it has plans to expand its reach in East Africa. The bilateral partnership comes a time when Kenya has ramped up its business environment, proposed tax incentives for Export based industries like special economic zones in Mombasa, Lamu and Kisumu.
According to the Iranian trade minister, Iran is targeting better relations with Africa and Kenya competitive positioning in Africa is crucial in this agenda.
”Through these discussions we can explore alternative industries to expand our trade ties like ICT, Leather, and textile among others. We look forward to increased interaction in the coming months and years,” Mr Reza said.
Kenya and Iran will look to build their trade portfolio in agro-processing, textiles, leather, management and constructive materials.
Source: Citizen TV