Page 450 - MOE ENGLISH PR REPORT - FEBRUARY 2024

2/27/24, 9:39 AM PRESSR: UAE and Kenya finalize terms of a comprehensive economic partnership agreement — TradingView News
to strengthening economic ties with the African continent and to

creating new opportunities for businesses and investors in both of

our countries. 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.”

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.

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