Kenya to partner with Iran in trade, says Deputy President William Ruto

Trade and investment remains key in enhancing cooperation between Kenya and the Islamic Republic of Iran, Deputy President William Ruto has said.

The Deputy President said trade balance between the two nations is heavily in favour of Iran and underscored the need to bridge the gap.

Ruto said Kenya was ready to engage in partnership with the private sector in exploring opportunities in the fields of energy, trade, agriculture, health and education.

“We are ready to improve our relations with Iran and explore business opportunities that can uplift the living standards of people of the two countries,” said Ruto.

Speaking when he met the new Iranian Ambassador to Kenya Dr. Hadi Farajvand who called on him at his Karen office on Wednesday, Ruto said Kenya could tap Iran’s technological advancement for the benefit of Kenyans.

“Kenya can benefit from Iran in areas of technology to do value addition, agro-processing and manufacturing,” said Mr. Ruto.

The Deputy President expressed interest in facilitating Iranian investors and private companies to construct low-cost pharmaceutical plant in Kenya.

“As we expand the National Hospital Insurance Fund (NHIF), we are in need of quality and low cost medicines that they can afford. This is why Iran’s companies dealing with pharmaceuticals will be of great help to our country,” said Mr. Ruto.

The Deputy President further said that the agricultural sector offered other lucrative investments opportunities being the hub of Kenya’s economy.

“Iran can explore more opportunities in our country in sectors such as tea, horticulture, flowers as well as the dairy sector,” said Mr. Ruto.

Dr. Farajvand said lack of information on existing business opportunities in the two countries were to blame for imbalance of trade.

“Businesspeople in Iran do not have enough information about existing business opportunities and vice versa. It is important that we improve our relations for the benefit of our people,” said Dr. Farajvand.

The Ambassador expressed concern at the high cost of medication in Kenya and called for ways of addressing the situation.

He said several Iranian investors and private companies were ready to establish a pharmaceutical plant in Kenya to reduce the cost of medication.

“Some Iranian companies have expressed interest to establish a pharmaceutical plant in Kenya to address the high cost of medicines,” said Dr. Farajvand.

“Imagine some medicines which cost Sh300 in Iran are sold at Sh3, 500 in Kenya. This is too expensive for the people,” added the Ambassador.

He said Iran’s economy has come under pressure with mounting sanctions on its oil industry due to questions over its nuclear program saying the country has now been relieved after the sanctions were lifted.

“We are happy that the sanctions have been lifted and we are now ready to engage with other nations on matters of trade for the benefit of our people,” said Mr. Farajvand.