A new era for Kenya and Chile to strengthen bilateral trade and investment ties

Claudia Sanhueza, the Chilean Vice Minister of Foreign Trade (R), during a Joint Committee on Trade and Investment meeting with the private sector led by Carole Kariuki CEO of Kenya Private Sector Alliance (KEPSA) in Nairobi.[Nanjinia Wamuswa, Standard].. Kenya-Chile trade and investment relations look brighter after both nations reaffirmed their commitment to strengthening bilateral trade and investment ties. This is aimed at enhancing economic cooperation. The development follows a visit by the Chilean Vice Minister of Foreign Trade Claudia Sanhueza who led a delegation to Kenya for a joint committee on trade and investment with the Kenya Private Sector Alliance (Kepsa). Kepsa chief executive Carole Kariuki said she was concerned over Kenya's declining exports to Chile and noted that the trade lobby is exploring ways to reverse this trend and unlock the potential of their bilateral trade. "We are happy to see your commitment to expanding trade and investment relations between Kenya and Chile. As we mark nearly five decades of diplomatic relations, Kepsa remains actively engaged with the Chilean Embassy to enhance trade and investment ties," Ms Kariuki said. She noted that Kepsa continues to serve as a bridge for fostering closer ties between the two nations, bringing together a wide array of local and foreign business associations, chambers of commerce and corporate organisations representing over two million businesses across all sectors. "We are delighted to be part of this engagement as we explore avenues for strengthening trade and investment relations between our two nations," she said. Over the past five years, Kenya's exports to Chile have declined significantly, falling by 20.5 per cent annually, from $8.04 million (Sh1 billion in 2018 to $2.56 million (Sh3.38 billion) in 2023. In contrast, though still higher, Chile's exports to Kenya have also experienced a 7.5 per cent decrease over the same period. Claudia lauded Kenya for being a major producer of tea and flowers, which could find markets in Chile. Additionally, Kenya can also explore Chile's vast wine sector, as well as opportunities in the salmon and vegetable industries. For Chilean businesses, Kenya presents huge opportunities across several sectors. As East Africa's commercial and financial hub, Kenya offers strategic access to regional markets and boasts of a robust economic growth, projected to reach a GDP growth rate of 5.6 per cent in 2025. Ms Kariuki said key sectors driving the growth include agriculture, real estate, ICT, retail trade and financial services. "Kenya's modernising infrastructure, including the Port of Mombasa and major transport corridors like the Nairobi-Mombasa Expressway, further enhances its appeal as an investment destination," she explains. Ms Kariuki said Kenya's burgeoning ICT sector provides attractive investment opportunities for Chilean firms, in fintech, e-commerce and digital hubs. "Kenya's young tech-savvy population, combined with 72 per cent internet penetration, makes it an ideal environment for investments in the digital economy," she says.

A new era for Kenya and Chile to strengthen bilateral trade and investment ties

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A new era for Kenya and Chile to strengthen bilateral trade and investment ties

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