Kenya, Israel sign pact that will promote trade between states
Kenya and Israel on Wednesday signed a memorandum of understanding (MOU) that will see the two countries improve on economic and commercial networks. The deal which was agreed upon during the second Kenya-Israel Joint Trade Committee (JTC) that was held at the Israel Embassy, will enable Kenyan traders with their Israel counterparts in doing business well as fostering economic growth.
Trade Principal Secretary, Charles Kiptoo while addressing participants at the forum said the partnerships will create a favourable environment for investors and traders of the two states.
The Trade PS added that the collaborations will enable Kenya borrow heavily from Israel’s technology. “Moreover, Kenya is set to leverage Israel’s strengths to support the Big Four agenda by borrowing from their innovations. Such innovations will bring about substantial improvement in Kenya’s production of agricultural products such as tea, coffee, potatoes and horticultural products,” he held. Ohad Cohen, Israel’s Trade Commissioner, told the forum that the next meeting will be in held in 2019 or 2020. In February 2016, during Israeli-Kenya business forum in Tel Aviv, President Uhuru Kenyatta asked Israel to develop a better framework for economic partnerships to boost trade between the two countries since there was potential to do so.
In August 1, Kenya and Israel signed an agreement for staff in 14 counties that form the Lake Region Economic Bloc (LREB) to receive professional training in various institutions in Israel, in what is expected to help spur economic growth in the region. At the closure of summit, the Trade Office was opened in the embassy to facilitate bilateral operations.