Gachagua: Somalia is an important trade partner for Kenya

NAIROBI, Kenya - The Federal Republic of Somalia is an important trade and investment partner of Kenya, Deputy President Rigathi Gachagua said while acknowledging the significant partnership between the two countries in boosting trade and bilateral ties.

According to Gachagua, while the trade is still minimal, about two years ago, Kenya’s exports to Somalia amounted to USD124.5 million (Sh15 billion) and imports were USD581.7 thousand (Sh71.5 million).

“There is no doubt that these trade volumes could be increased through leveraging the Kenya–Somalia relations into tangible benefits by creating opportunities for our citizens,” said Gachagua.

To improve trade and investment, Gachagua said there was a need for Kenya and Somalia to remove barriers to facilitate the movement of people and goods, promote investment, and open up new markets of mutual interest.

Gachagua challenged the respective Chambers of Commerce of the two countries to consider establishing a Memorandum of Understanding amongst them to boost interaction between the private sectors.

Somalia was recently admitted to the East African Community (EAC) after almost a decade of waiting and the move, Prime Minister Hamsa Abdi Barre said, would help the country to expand its trading base besides creating new markets for its goods and services.

To foster sustainable agricultural and livestock development, the two Governments tasked their respective Cabinet ministries to initiate and finalize the necessary MoUs to promote cooperation in Crop Development, Livestock Health, and Marketing, among others.

“The two Leaders emphasized the importance of the implementation of the concluded instruments and directed the Ministries responsible for Foreign Affairs to develop implementation modalities,” said Mr. Mudavadi in the joint communique.

GAROWE ONLINE