Pretoria, 23 November 2021
Today, the historic signing of a Memorandum of Understanding (MOU) was witnessed between Kenya National Chamber of Commerce and Industry (KNCCI) and South Africa Chamber of Commerce and Industry (SACCI). The MoU was executed by KNCCI President Mr. Richard Ngatia and SACCI President Adv. Mtho Xulu during the South Africa – Kenya Business Forum at the CSIR Convention Centre in East Pretoria. Through the MOU, both Chambers will take positive action to facilitate trade information, services and opportunities in a bid to improve the balance of trade between the two countries.
The one day business forum convenes government and business leaders, industry regulators and business associations to engage in bilateral trade conversations under the theme, ‘Enhancing Trade and Investment Potential between Kenya and South Africa by Leveraging Mutual Cooperation.’
Speaking on behalf of the Kenya private sector, Mr. Ngatia underscored the importance of South Africa and Kenya as the biggest economies in their respective regions. The two countries are well positioned to lay the ground for Africa economic transformation under the AfCFTA. “As the private sector, we are ready and willing to do business. We only require an enabling environment to trade, under minimal costs and reduced barriers,” said Mr. Ngatia.
Mr. Cas Coovadia, CEO of the Business Unity South Africa spoke on behalf of the South Africa private sector and encouraged businesses to engage in sustainable value chains; not only to optimise profits but to also create an impact to the environment and communities they interact with. He invited Kenyans to invest in key opportunities in South Africa, in sectors such as mining and natural resources, financial services, ICT and agriculture.
The forum underscores the need for partnership between government and private sector through PPP projects, investment in special economic zones and industrial parks, among other incentives for private sector to develop enterprise and infrastructure.