This archive report was first published on 24 November 2019.
On November 24, 2019, the Kenya National Chamber of Commerce and Industry (KNCCI) announced plans to establish a trade command base in the United Arab Emirates.
KNCCI President Richard Ngatia stated that the chamber will sign numerous Memoranda of Understanding (MoUs) with countries and chambers worldwide, including the UAE.
Ngatia revealed that the UAE has allocated a 5,000 square feet office floor for the KNCCI, which will serve as a hub for Small and Medium Enterprises (SMEs) to enter into trade partnerships with companies in the UAE.
He emphasized that the signing of the MoU will lead to more trade deals, as local companies move into the region and take advantage of tax-free trade zones.
Ngatia also highlighted the benefits of the collaboration, stating that the chamber will assist local traders in acquiring the right goods and provide them with proper details on how to reach out to trading partners in the UAE.
He commended President Uhuru Kenyatta for signing the Finance Bill 2019, which scrapped the capping of interest rates, and expressed optimism that this move will rejuvenate the real estate and construction industries.
