President Uhuru roots for new trade ties after Brexit and Trump win
SEE ALSO :No-deal Brexit more likely by the dayAbout 30 companies from Brazil, Uruguay, Chile, Colombia, Jamaica, Argentina and Costa Rica are attending the summit. SKEWED BALANCE OF TRADE Among the companies that have shown direct interest in making investment is the country are Jamaican conglomerate, Roth Capital and Tomae, which invests in energy and new technologies that control pollution. The company’s Chief Executive Delroy Howell said he will be making an announcement on an investment in the energy sector soon. Argentinian mobile service provider, PayPhone has also shown interest in investing in the nascent mobile technology sector.
SEE ALSO :Britain scrambles for Brexit consensusPresident Kenyatta noted that of all South American countries that trade with Kenya, only Colombia has a balance of trade deficit which is skewed in Kenya’s favour. The deficit stands at $12 million (Sh1.2 billion) in favour of Kenya. In off-the-cuff remarks, Dr Kiptoo said last year, of the $6 billion (Sh600 billion) Kenyan exports, 70 per cent went to only 12 countries without a single Caribbean or Latin American country being a recipient. Among the top trading partners were Uganda, Tanzania Germany and Britain. The PS said Africa is rising and the Latin and Caribbean countries should take advantage of the prevailing conditions by using Kenya as a gateway to the continent. “Africa is working on a Tripartite Free Trade Area, which will see regional blocs Comessa, EAC and SADC integrate to form a single market. The Free Trade Area has a combined population of 600 million people and a Gross Domestic Product (GDP) of about $1 trillion (Sh103 trillion). Kenya will be your entry route to this market,” he said.
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