Home World News Emerging Markets Kenya, Somalia pledge to boost trade, investment relations

Kenya, Somalia pledge to boost trade, investment relations

foreign investment

Kenya and Somalia have agreed to enhance their trade and investment relations to stimulate economic growth between the two neighboring countries, according to a joint communique issued after talks between Kenyan Deputy President Rigathi Gachagua and Somali Prime Minister Hamza Abdi Barre in Nairobi.

The leaders discussed strategies for joint efforts to eliminate cartels and promote transparent and sustainable trade practices that benefit both countries. Despite their rich historical and cultural ties, bilateral trade between Kenya and Somalia has been minimal.

Gachagua said that Kenya’s exports to Somalia totaled 124.5 million U.S. dollars in 2022, with imports amounting to 582,000 dollars. He emphasized the potential for increased trade volumes through leveraging Kenya-Somalia relations to create opportunities for citizens of both nations.

Additionally, both countries agreed to collaborate in reducing obstacles to investment, opening up new markets of shared interest and facilitating the flow of people and goods.

Barre’s visit follows the third Session of the Joint Commission of Cooperation between the two countries held in Nairobi from May 3 to 5.

Send your news stories to newsghana101@gmail.com Follow News Ghana on Google News



Please enter your comment!
Please enter your name here

WP Radio
WP Radio
Exit mobile version