By Dipo Olowookere
The Investment South Africa (ISA) and its counterpart, Kenya Investment Authority (KenInvest), have signed a Memorandum of Understanding (MoU) on Investment Cooperation.
The MoU was signed on the sidelines of President Jacob Zuma State Visit to Kenya on this week.
Speaking at the signing ceremony, Acting Head of Invest SA, Mr Yunus Hoosen, said the MOU between Invest SA and KenInvest is intended to promote and facilitate investment between the two countries. He further stated that signing of the MOU is strategic and important, in line with South Africa’s strategy of promoting investment and trade within the continent for mutual development.
South Africa has over 60 companies operating in Kenya from the financial services industry to franchising. South Africa sees further opportunities in Kenya in agro processing, manufacturing, ICT, infrastructure and financial services.The signing of the MOU will bring the organisations as focal pints on investment between the two countries.
Dr Moses Ikera, MD of KenInvest stated that the two organisations cooperate well in global forums and it makes sense that South Africa as the regional hub in Southern Africa and Kenya the regional hub in East Africa, cooperate on expanding trade and investment relations. He also mentioned that the two organisations will meet regularly on an implementation plan as well as support for capacity building.
The signing ceremony was followed by an Investment Business Forum which was addressed by President Jacob Zuma and his counterpart President Uhuru Kenyatta.
The two Heads of State lauded the signing of the Investment MOU and urged private sector from both countries to do business among themselves in order to boost economic development within the two countries.