On Monday 14th March,2020, Kenya National Chamber of Commerce and Industry (KNCCI) and Federation of Saudi Chambers had a historic signing of a Memorandum of Understanding (MOU).
The MoU was executed by The Chamber President Mr. Richard Ngatia and Federation of Saudi Chambers Secretary General Mr. Hussain Alabdulkader during the Saudi Arabia – Kenya Business Forum at the Council of Saudi Chambers.
The MoU will ensure that both Chambers will take positive action plan 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 entourage included government officials, business leaders, industry regulators and business associations to engage in bilateral trade conversations under the theme, “Enhancing Trade and Investment Potential between Kenya and Saudi Arabia”
The Chamber 2nd Vice President Ms. Fatma Elmaawy later on led a business tour to the Federation of Saudi Chamber Offices in Riyadh, Saudi Arabia. In her statement, Ms. Elmaawy stated that Kenya presents many trade opportunities from Agriculture (fresh produce, livestock, tea, coffee), Labour, Manufacturing, Finance and Infrastructure. Being an entry point into EAC and regional market, it provided a bridge for the Saudi Arabia to access the Africa Market following the ACFTA. The Saudi Arabia business officials expressed their readiness to invest in Kenya’s Manufacturing and financing sector.
A consultative and B2B session between KNCCI, KAPEA and Coordination Council for Recruitment Companies (CCRC), Saudi Arabia’s biggest recruitment agency to deliberate on challenges and opportunities regarding the labor market. CCRC committed to undertake Cooperate Social Responsibilities (CSR) in Kenya while Kenya association of private employment agencies (KAPEA) agreed to undertake more due diligence during recruitment.
The business visit was concluded with a courtesy visit to the Kenya Embassy in Riyadh to foster the relationship between the two countries.