Page 432 - MOE ENGLISH PR REPORT - FEBRUARY 2024

The UAE-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.”

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 UAE 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.

https://sharjah24.ae/en/Articles/2024/02/23/UAE-and-Kenya-finalise-terms-of-CEPA