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OFFICIAL PORTAL OF THE

MINISTRY OF INVESTMENT, TRADE AND INDUSTRY

Media Statement: Malaysia Is Committed Towards Strengthening Our Economic Ties With Kenya

  1. I hosted a roundtable session with some 15 representatives from the Kenyan business community on 16 December 2015.

  2. During that one and a half hour session, I explained the economic outlook and policies undertaken by the Malaysian Government to promote trade and attract investments into our country.

  3. Kenya has a population of 46 million with income per capita of USD3,100. The country has recorded average annual economic growth of around 6% over the past 5 years. This impressive performance was partly due to its improved political stability and good growth recorded by the agriculture and services sectors.

  4. Malaysia and Kenya enjoy close bilateral ties. The total trade between the two countries had increased by more than double from USD283 million in 2013 to USD742 million in 2014.

  5. Despite the strong trade figures last year, it should be noted that our exports to Kenya worth USD737 million far exceeded our imports from the country which stood at only USD5.5 million. This very large trade gap needs to be narrowed but it presents a big challenge because Kenya does not produce the products which have a high demand in Malaysia, such as electrical & electronics products.

  6. Nairobi and Kenya are now experiencing a construction boom and there is a string interest to source building materials from Malaysia. I met with Suraya Properties Group, one of the largest property developers in Kenya. In view of this strong interest, MATRADE which has an office in Nairobi will bring a number of Malaysian companies to Nairobi in order to promote Malaysian products.

  7. The Kenya Commercial Bank Group is planning to bring a delegation of Kenyan investors and traders to Kuala Lumpur in the first half of next year. It is hoped that this visit will strengthen the business relationship between the two countries.

  8. Africa has enormous economic potential. A number of countries in the continent are experiencing impressive rate of economic growth. The region is on the rise. As a trading nation and an open economy, Malaysia will continue to diversify its business relations with the African continent.

  9. MITI will continue to ramp up and promote investment opportunities in East Africa. In fact, there are a number of Malaysian companies currently operating in Kenya. Among them is Golden Africa Kenya Limited which recently completed its USD50 million palm oil refinery plant in Athi River, which is 42 kilometers from Nairobi. Another Malaysian company in Kenya is Probase Manufacturing, which possesses unique construction technology suitable for the Kenyan market. This company has already completed two 10-kilometer road projects in Meru and Samburu counties, and this week has signed the MoU to implement a similar project in Embu county which could involve the construction of 100-kilometers of rural road, beginning with 10-kilometer pilot project.

  10. Malaysia and Kenya has many similarities as both countries gained independence around the same time. Education could be the key to help strengthen the relationship between the two nations as there are currently 900 Kenyan studying at our local universities. In fact, many of the Kenyan alumni are currently holding key positions in the Kenyan Government and private sector.



YB Dato’ Sri Mustapa Mohamed
Minister of International Trade and Industry
17 December 2015


Last Updated 2015-12-18 07:09:15 by Azuna Hasbullah atau Abd Rahman

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