The forum highlighted the nations’ collaborative potential, showcasing Kenya’s diverse investment opportunities and Japan’s advanced expertise in various industries through the exchange of knowledge, insights, and innovative ideas to attract investors.
This year’s forum brings together over 100 Kenyan and 30 Japanese private sector companies drawn from various sectors, including ICT, Health, Manufacturing, Shipping and Logistics, Financial Services, Energy, Construction, Insurance, and Agriculture sectors, among others.
Speaking during the forum inauguration in Nairobi, the Acting Cabinet Secretary (CS) for Investment, Trade, and Industry, Salim Mvurya, recognized the remarkable journey of cordial relations between these two countries since Japan has been Kenya’s number one partner in development cooperation.
” Kenya remains a key exporter of agricultural products to Japan, providing products such as cut flowers and titanium ores, which amounted to $62.9 million in the latest trade figures,” he noted.
Meanwhile, Kenya imports vehicles and ICT-related equipment from Japan, valued at over $263 million. The forum aimed to deepen this exchange, encouraging business delegations to forge partnerships and explore untapped potential in both countries.
Additionally, he noted that some of the companies from Japan include Mitsubishi Heavy Industries France S.A.S., which focuses on energy, aerospace, and plant systems; Kawasaki Heavy Industries Ltd., which engages in shipbuilding, aerospace, and energy systems; Toyota Tsusho Corporation, which engages in trading and construction projects; Mitsui & Co., Ltd., which engages in trading and project development; Zensho Holdings Co., Ltd., which operates foodservice chains; and Hagihara Industries Inc., which produces polyethylene products, among others.
Mvurya said that Kenya’s government has prioritized expanding trade opportunities through initiatives like the African Continental Free Trade Area (AfCFTA) and the Tripartite Free Trade Agreement, opening access to a combined market across Africa.
“As a government, we firmly believe that the future of both countries rests on our resolution to open new markets for trade, develop much better inflows of investments, and make new opportunities available for our people.
The Kenyan government has been striving to open access to markets in Africa through the AfCFTA, which provides a new market for investments and Kenyan products across Africa,” he said.
The government has also emphasized climate-conscious investments through the African Green Initiative, offering tax rebates and incentives for companies embracing sustainable practices, and urged the delegates to take advantage of all the incentives for green investment and ensure that they promote foreign investments and increase Kenyan investment.
“Kenya has decided to ensure that we deal with matters of climate change, and therefore all our investments are also being looked at in terms of how they are going to facilitate a green environment within the Ministry of Trade and the highest level in Kenya,” he stated.
Japan’s commitment to Kenya’s development has been evident through some of their ongoing infrastructure projects in the country, including the Dongo Kundu Special Economic Zone in Mombasa, supported by the Japan International Cooperation Agency (JICA); hence, the completion of the Dongo Kundu bypass marks a significant milestone, paving the way for increased industrial activity and foreign investment.
Mvurya stated that the Kenyan and Japanese leadership have good relations at the leadership level, noting that during the Kenyan president’s visit last year at a high-level discussion with the Prime Minister of Japan, the business environment has been made very clear by both governments; therefore, they urge business delegations to take up the opportunity and spur investment.
“There’s a need for collaboration in sectors such as maritime, textiles, tourism, and technology for both nations. Let’s leverage our strong diplomatic ties to unlock new economic opportunities for mutual benefit,” he stated.
