Nairobi, Kenya – Rigathi Gachagua highlighted Somalia as a crucial trade and investment partner for Kenya, emphasizing the need to enhance bilateral ties and trade relations between the two nations.
Gachagua noted that despite the current minimal trade volumes, Kenya’s exports to Somalia reached USD124.5 million (Sh15 billion) two years ago, with imports at USD581.7 thousand (Sh71.5 million).
The Deputy President expressed optimism about the potential for increasing trade volumes by leveraging the Kenya-Somalia relations for the benefit of both countries, creating more opportunities for their citizens.
To enhance trade and investment, Gachagua stressed the importance of removing barriers that hinder the movement of people and goods between Kenya and Somalia, as well as promoting investments and exploring new mutually beneficial markets.
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He also urged the Chambers of Commerce in both countries to consider establishing a Memorandum of Understanding to boost collaboration between their private sectors.
Somalia’s recent admission to the East African Community (EAC) after a long wait was seen as a significant step towards expanding its trading base and creating new markets for its products and services, according to Prime Minister Hamsa Abdi Barre.
Both governments committed to promoting sustainable agricultural and livestock development by finalizing MoUs on Crop Development, Livestock Health, and Marketing, among other key areas, to facilitate cooperation between the two countries in these sectors.
The leaders underscored the importance of implementing the agreements reached and instructed the relevant ministries to develop effective implementation strategies, as stated in a joint communique issued by Mr. Mudavadi.
Garowe Online reported on these developments in the Kenya-Somalia trade and investment relations, reflecting the ongoing efforts to strengthen cooperation and partnership between the two countries.