The European Union endorsed funding of $27 million for TradeMark Africa to support a five-year program that will enhance Kenya’s exports and aid the government in establishing a favourable business atmosphere.
Kenya’s President William Ruto, Trade Cabinet Secretary Moses Kuria, and other distinguished guests witnessed the signing during the EU-Kenya Business Forum, which also included the EU Ambassador to Kenya, Henriette Geiger.
In collaboration with the Kenyan government, a program called the Business Environment and Export Enhancement Programme (Beeep) will be established. This initiative aims to support the Integrated National Export Development and Promotion Strategy (INEDPS), which aims to achieve an annual agricultural export growth rate of 25%.
The main objective is to promote sustainable and inclusive economic growth, generate employment opportunities, and enhance factor productivity by increasing exports and addressing the persistent negative balance of trade.
As matters stand now, the EU is the largest destination for Kenya’s exports accounting for about KES 170 billion ($1.3 billion) in 2021, which brings together 500 business people – 250 from Kenya and 250 from the European Union.
Kenya’s President – William Ruto
Ms Geiger stated that Beeep facilitates collaboration between the private sector, government, and financing institutions. The organization is pleased to aid the Kenyan government in its efforts to promote sustainable growth in exports, such as environmentally friendly transportation and logistics. Beeep’s objectives are fully in line with the Global Gateway Strategy. The EU’s support for establishing a more favourable business environment at both the national and county levels will enhance Kenya’s appeal as an investment destination.
Read Also: Kenya-US Completes First Round of the Trade Deal
