A delegation of Kenyan companies has arrived in Addis Ababa hoping to capitalize on Ethiopia's recent reforms opening several sectors to foreign investment.
Led by the Kenya Association of Manufacturers, the trade and investment mission will meet with Ethiopian counterparts until April 26th. They were welcomed by the Addis Ababa Chamber of Commerce and Sectoral Association.
This month, Ethiopia introduced new directives liberalizing the country's retail, wholesale, import and export sectors. The changes allow full foreign participation in these industries.
"This visit provides a platform to identify export and import opportunities, explore partnerships and learn best practices," said Anthony Mwangi, CEO of the Kenyan manufacturers' group.
The delegation builds on discussions from February's 36th Kenya-Ethiopia joint ministerial commission supporting increased trade and investment cooperation.
Over 300 business delegates from Kenya and Ethiopia representing the manufacturing sector participated in the trade mission. The program includes conferences, business exhibitions, B2B meetings, matchmaking sessions, networking opportunities, and industry visits aimed at promoting trade between the two countries.
Attending Kenyan companies include Ernst & Young, Nestlé Kenya, Kenya Tea Packers Ltd, Torrent East Africa and Africa PVC.
Kenya exports approximately 100 million dollars worth of goods to Ethiopia annually, while Ethiopia ships over 25 million dollars to its neighbor.
"We want to leverage the reforms to strengthen our economic ties with Kenya. Ethiopian businesses will also get guidance on maximizing these opportunities," commented Mesenbet Shenkute, President of Addis Ababa Chamber of Commerce.
