Kenya Investment Authority (KenInvest) signed the Memorandum of Understanding (MoU) with the East Africa Trade and Investment Hub (the Hub) to join efforts to increase investment and trade in the EAC.
KenInvest Managing Director Moses Ikiara said under the partnership, the Hub plans to facilitate 100 million U.S. dollars in new investments and create 10,000 jobs over the next five years.
"Kenya boasts strong economic relations and investment links with the U.S, and our partnership with the East Africa Trade and Investment Hub is set to further drive our ties to attract increased investment into Kenya, whilst fostering intra-regional trade," Ikiara said in a statement.
The Hub is a flagship project under the U.S. Presidential Trade Africa Initiative to boost trade and investment both with and within Africa.
The Hub works within the five EAC Countries—Kenya, Burundi, Rwanda, Tanzania, and Uganda—as well as the African Growth and Opportunity Act (AGOA) eligible countries of Mauritius, Madagascar, Seychelles, and Ethiopia.
Ikiara said the signing of the MoU formalizes the relationship between KenInvest and the Hub, meant to attract investment to East Africa and participation in joint investment promotion activities to target quality projects for investment facilitation. Read more.Source | Coastweek