Kenyan, Chinese, British business bodies sign MOU to boost cooperation

Updated 2017-05-24 11:00:32 Xinhua

Kenyan, Chinese and British business organizations on Tuesday signed a Memorandum of Understanding (MOU) to boost cooperation, officials said.

Kenya China Economic and Trade Association (KCETA), British Chamber of Commerce Kenya (BCCK) and Kenya Private Sector Alliance (KEPSA) sealed an agreement to form a tripartite partnership bringing on board the private sector representatives from the three countries.

KCETA Chairman Zhang Haifeng told a media briefing in Nairobi that the MOU will promote and advance cooperation in areas of common interest.

The MOU has also recognized and agreed on principal areas that will guide in the overall implementation of the agreement.

He noted that in a world where national borders are becoming less of a barrier to trade, the collaboration envisaged under the MOU will enhance the quest of individual countries to benefit more from trade, commerce and investment.

The deal follows a series of discussions and consultations that began in June 2016.

"The signing of the MOU between three private sector bodies in Kenya, China and Britain marks an important milestone in solidifying relations both at the private sector level but also at the national level," KEPSA Chairman Nick Nesbitt said.

He noted that the three countries have a long and established history of economic cooperation that can only be strengthen further.

BCCK Chairman Graham Shaw said the ceremony to sign the MOU shows how important the mutual trade links are to the three countries.

"Today Britain and China are significant trade partners with Kenya and this MOU will assist in promoting our companies and partnerships further as well as assisting in key policy matters," Shaw said.

Chinese Ambassador to Kenya Liu Xianfa said that Britain and China have already agreed on a framework of collaboration on global partnerships and Kenya is one of the countries that have been identified as a beneficiary.

"The framework therefore presents a tripartite arrangement of cooperation between the three countries," Liu said.

He noted that the MOU acknowledges the cardinal role of the private sector and hence facilities coordination at the level of government and private sector.

The Chinese envoy said that the private sector is critical partner of government in advancing economic growth and social development.

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