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Kenya plans to focus on external trade to increase exportsThursday, August 28, 2014 > 08:33:55
Kenya plans to focus on external trade policy to increase the competitiveness of exports in order to facilitate economic development.
Cabinet Secretary for Foreign Affairs Amina Mohamed said the external trade sector is critical to the growth of the Kenyan economy.
"External trade is not only the major foreign exchange earner, but also provides the vital link to the world economy," Mohamed said when she presided over the launch of a chemicals factory in Mlolongo, about 20 km east of Nairobi.
The new plant by German firm BASF will produce chemical solutions in Kenya and export them to other East African countries as well.
Mohamed said her ministry has formulated and will soon be launching a new four-year strategic plan to highlight importance of external trade.
"This plan is the road map that will guide the ministry in the implementation of our foreign policy and international trade priorities in the next four years. The Plan has been prepared in line with the Second Medium-Term Plan of Kenya's Vision 2030," said Mohamed said.
BASF Managing Director Carles Miguel hailed the government for the commitment and progress made towards creating an environment conducive to investment.
Mohamed assured investors Kenya has registered tremendous achievements in improving the overall investment environment and the country is therefore conducive for investments.
"I assure investors that Kenya continues to pursue a free enterprise economy and aims at building the strongest industrial base in the sub-Saharan African region," she said.
"With a sound economic base and a well-trained workforce in the manufacturing sector, we are a destination that is ripe for foreign investments."