Kenyan- Egyptian trade exchange hit $474mn in 2014 -minister

The volume of trade exchange between Egypt and Kenya reached around US$474 million in 2014, Egyptian trade minister Tarek Qabil stated Monday.

He said that the Egyptian exports to Kenya recorded US$284 million in 2014.

The minister made these remarks during his meeting with a delegation from the defence and foreign relations committee from Kenya’s parliament during their visit to Cairo.

Qabil added that the volume of the intra trade between two states does not reflect the volume of the political and historical relations between Egyptian and Kenyan people.

The minister emphasised on the importance of providing necessary support to industrial sectors in African states through technical support services to establish and manage the industrial zones.

Thus, the movement of the intra trade will be increased backed by the African Free Trade Zone (AFTZ) that has been signed by Africa’s three largest blocks; Southern African Development Community (SADC), the Common Market for Eastern and Southern Africa (COMESA) and the East African Community (EAC), Qabil clarified.

He noted that establishing logistics centres inside Africa is one of the most important factors to improve the mutual economic relations between continental’s states and that is what Egypt aims at achieving to be a global logistics axis through Suez Canal.

Moreover, Minister Qabil invited Kenyan investors to visit a number of industrial zones in Egypt to know the available potentials notably in constructing and managing industrial zones field.