This archive report was first published on 25 October 2019.
Kenya, Russia Agree to Pursue Trade Partnerships ¶
On October 24, 2019, President Uhuru Kenyatta and Russia President Vladimir Putin met on the sidelines of the first Russia-Africa summit in Sochi, where they agreed to establish a joint business council to oversee the implementation of trade and investment.
The council will provide a framework within which Nairobi and Moscow will pursue partnerships in trade, investment, and development. The heads of states said entrenching bilateral and multilateral partnerships would help respective countries in achieving faster progress in trade and security.
According to President Uhuru Kenyatta, Kenya was the second-largest trading partner of Russia in Africa, but the full potential of the economic cooperation remains untapped. He invited Russians to invest in Kenya's Big 4 Agenda priority areas of manufacturing, affordable housing, universal health, and manufacturing, saying direct investments would help 'enhance economic cooperation.'
President Putin expressed hope that parliaments of the two countries will continue playing a key role in the development of bilateral ties as they were the first to initiate two Russian-Kenyan meetings in 2011 and 2012. He also encouraged more Russian private sector actors to invest in Kenya.
The current trade between the two countries is in favor of Russia, with a trade deficit of KSh 237.7 billion shillings. To bridge the trade imbalance, Putin said the two nations need to prioritize cooperation in trade and investment.
During the bilateral talks, the two leaders said the business council will provide a framework within which Nairobi and Moscow will pursue partnerships in trade, investment, and development.
