Industry News

Kenya signs Sh63 billion ICT, pharmaceuticals, engineering business deal with China


NAIROBI, Kenya, Oct 17 – Kenya and China have signed commercial agreements worth Sh63 billion covering a range of sectors including ICT, pharmaceuticals and engineering.

The agreement was signed during the Kenya-China Investment Forum chaired by President William Ruto on the sidelines of the third Belt and Road Forum in Beijing, China.

Speaking at the event, the Head of State said the agreement was a strong testament to China’s high level of confidence in Kenya.

“These transactions reflect investors’ firm confidence in China’s visionary Belt and Road Initiative, their firm confidence in the dynamic Kenya-China strategic comprehensive partnership, and their huge confidence in Kenya’s bottom-up economic transformation agenda.

These frameworks are a very intentional effort to increase scope, scale and collaboration. "said the head of state.

"I also recognize savvy entrepreneurs such as Inner Mongolia Mingxu Electric Power Engineering Co., Ltd., Dongfeng Finch Automobile Co., Ltd., Guangdong Qiya Exhibition Co., Ltd., Gaochuang Import and Export Co., Ltd.," he added.

The Head of State further seized the opportunity to reveal the strong partnership between Kenya and China, demonstrating China's rapid emergence as Kenya's main trading partner as of last year.

Currently, Kenya’s exports to China are US$233.8 million, while China’s exports to Kenya are US$3.8 billion.

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