Page 453 - MOE ENGLISH PR REPORT - FEBRUARY 2024

Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said: “The
UAE-Kenya Comprehensive Economic Partnership Agreement marks a significant

milestone in our CEPA program. It is a testament to our commitment 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.”

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 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 $710 billion, a 12.6 per cent

increase on 2022 – and 34.7 per cent more than 2021. The UAE has already concluded
CEPAs with India, Israel, Indonesia, Türkiye, Georgia, Cambodia, Mauritius, Congo-
Brazzaville, Colombia, South Korea, Costa Rica.

https://www.msn.com/en-ae/money/news/uae-and-kenya-finalise-terms-of-a-comprehensive-
economic-partnership-agreement/ar-BB1iLgcw