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New Kenya-Egypt Business Forum will promote bilateral trade and investment

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World Cement,

At the Kenya-Egypt Business Forum, sponsored by Qalaa Holdings (owner of ASEC Cement), it was announced that the two countries had formed a permanent bilateral council to promote trade and investment. The Forum saw companies from Egypt accompany Egyptian Foreign Minister Sameh Shoukry and Minister of Trade and Industry Mounir Abdelnour to Nairobi for talks with their Kenyan counterparts, led by Kenya’s Cabinet Secretary for Foreign Affairs Amina Mohamed. The new council will bring together ten businesses from each country to promote trade opportunities, which each group will present to their government on a quarterly basis.

Speaking at the Forum’s opening session, Foreign Minister Shoukry noted: "Kenya and Egypt share many things in common. We are at a similar level of development; we have a young population; we have an abundance of natural resources and our governments have big visions for our future. We have the potential for a win-win collaboration because of our deep similarities. "

"We encourage our Egyptian counterparts to venture into our country, take advantage of our vibrant economy and reap handsome returns," said Foreign Minister Mohamed.

Added Moses Ikiara, CEO of the Kenya Investment Authority: "Kenya is a country of unlimited possibilities, and if there ever was a time to invest in this market, it is now. Every sector, from financial services to ICT, is rife with opportunities and the returns are very high. "

Qalaa Managing Director Karim Sadek, who has led the firm's push into East Africa, applauded the move, noting: "Kenya is an ideal market for investment. Not only is it a gateway to the rest of East Africa, but it is also extremely dynamic with a hard working employee force. The government is also very clear about encouraging investments and working with companies - both locally and internationally - to drive capital for growth and development.”

Adapted from press release by

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