China seeks to strengthen trade ties with Kenya

M a r k e t N e w s

China seeks to strengthen trade ties with Kenya

Posted on : Thursday, 18th August 2016

Chinese ambassador to Kenya Liu Xianfa wants Kenya to commit itself more to the current mutual co-operation between the two countries.

In a forum held in Mombasa last Friday dubbed 'China-Africa Media and Think-Tank Symposium', Mr Xianfa reminded the country that bilateral trade volume between Kenya and China has hit $6 billion (Sh600 billion). This is twice as much as that of 2013.

"It would therefore suffice to say China has become the largest trading partner, investor and contractor of Kenya," Xianfa said. The forum was also attended by Transport and Infrastructure Cabinet Secretary James Macharia, representatives from different African countries and high-ranking officials from China's diplomatic community in the country.

Xianfa confirmed that this year, China will put up its first overseas research institute in the country, and that his country and Kenya have already agreed on a joint currency exchange programme. Addressing the same gathering, Mr Macharia said the projects being undertaken by the Chinese in Kenya will have a positive impact to the economy.

He hailed the training of Kenyans by the Chinese government, saying such skills and technological transfer will help the local people man the projects.

In the last few years, China's interest in the continent has soared since the giant Asian country relaxed its closed economic model of the 1970s and 80s to open trade with the rest of the world. So far, China has signed over 243 various co-operation agreements valued at $50.7 billion (Sh5.7 trillion) with African governments, among which Chinese direct investment accounts for 91 per cent.

The Mombasa-Nairobi Standard Gauge Railway, Mombasa Port Terminal and Mombasa Special Economic Zone are the latest projects that Chinese funding has come in to stir.

Source : www.standardmedia.co.ke

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