NAIROBI, May 22 (Xinhua) — Kenya has concluded preparations to host a business delegation from Shenzhen in early June, a government official said on Monday.
Kenya Investment Authority (KenInvest) CEO Moses Ikiara told Xinhua in Nairobi that the delegation comprising of government and business officials will be led by the Mayor of Shenzhen.
“The delegation will be in Kenya to seek investment opportunities in the construction and manufacturing sectors,” Ikiara said on the sidelines of the Health and Tourism Forum.
According to KenInvest, China’s role in Kenya’s economy has been increasing in the recent past few years.
“If you look at the average Foreign Direct Investments for the period between 2010 and 2015, China was not in the top ten. But since 2016, it has leapfrogged traditional investment partners to become a leading source of capital,” Ikiara said.
The investment agency noted that Chinese companies are not just doing infrastructure projects.
“They are now building factories to produce goods and so this is why we value Chinese investments in the country,” he added.
Ikiara said if Chinese manufacturers set up operations in Kenya to export products back to China, it could help to reduce the trade deficit.
“Instead of traders going to China to buy goods they can source locally and this will help to reduce Kenya’s import bill,” he added. The CEO noted that Kenya is set to benefit from the current production overcapacity in China.
“Chinese manufacturers are looking for countries that have conductive investment to set up operations and Kenya hopes to benefit from this trend,” Ikiara said.