Page 437 - MOE ENGLISH PR REPORT - FEBRUARY 2024

2/27/24, 9:36 AM UAE and Kenya seal CEPA talks to boost $3.1bn trade partnership - Arabian Business
“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 per cent in 2022 to an estimated 5 per cent in

2023, while it is projected that real GDP will grow between 4.5 per cent and

5.2 per cent in 2024.

Among others, its services sector, which accounts for 53.6 per cent 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 $710bn, a

12.6 per cent increase on 2022 – and 34.7 per cent more than 2021.

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