Page 456 - MOE ENGLISH PR REPORT - FEBRUARY 2024

2/27/24, 9:39 AM UAE and Kenya finalize terms of a Comprehensive Economic Partnership Agreement
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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