Page 422 - MOE ENGLISH PR REPORT - FEBRUARY 2024

2/27/24, 9:34 AM UAE and Kenya finalize terms of a Comprehensive Economic Partnership Agreement : GoDubai.com
Kenya CEPA will not only boost trade and investment, but also foster innovation and
sustainable growth in key sectors such as agriculture, technology and tourism. We look
forward to deepening our relationship with Kenya and to further expanding our presence in
Africa as a trusted partner and investor.”
Her Excellency Rebecca Miano, Kenya's Cabinet Secretary for Investments, Trade and
Industry, said: “The Kenyan leadership has identified trade as a key lever of economic growth
and transformation. We are on a national development path that is seeking to increase
industrial output, enhance the quality and global competitiveness of that output, and to
expand the opportunities for its export. The Comprehensive Economic Partnership Agreement
with the United Arab Emirates will play a key role in these efforts, enabling our exports to
reach important markets in Asia and the Middle East, and also in stimulating the investment
inflows that will further develop our national capabilities. We look forward to its implementation
and the mutual benefits it will deliver.”
Kenya's economy, one of the most promising in Africa, experienced real GDP growth
accelerating from 4.8% in 2022 to an estimated 5% in 2023, while it is projected that real GDP
will grow between 4.5% and 5.2% in 2024. Among others, its services sector, which accounts
for 53.6 percent of Kenya's GDP, and agriculture sector, comprising around a quarter of
national GDP, offer vast potential for UAE businesses looking to expand into the region.
Foreign trade remains the cornerstone of the UAE's economic agenda. In 2023, the UAE's
non-oil trade in goods reached an all-time high of $710 billion, a 12.6% increase on 2022 –
and 34.7% more than 2021. The UAE has already concluded CEPAs with India, Israel,
Indonesia, Türkiye, Georgia, Cambodia, Mauritius, Congo-Brazzaville, Colombia, South
Korea, Costa Rica.

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