NAIROBI (Xinhua) --
Omani investors on Friday expressed interest in
investing in Kenya’s oil and tourism sectors, a trade lobby said.
Kipronoh Kittony, chairperson of Kenya National Chamber of Commerce and Industry
(KNCCI), said in Nairobi that Omani investors have identified Nairobi as having
lucrative economic opportunities due to its investor-friendly business
Omani companies are looking to invest in Kenya’s downstream oil and the
hospitality sectors, Kittony told a media briefing on the upcoming Oman Trade
Fair, to be held in Nairobi next week.
The inaugural Oman Product Expo (OPEX) has attracted executives of over 100
firms from the sultanate, which will be showcasing their wares during the
The trade fair is seeking to connect Kenyan agro-processors, manufacturers,
contractors, distributors, exporters and importers with their counterparts from
Kittony said trade between the two countries remains low despite long
historical ties and close geographical proximity.
Kenyan government data indicates that in 2017 Kenya exported goods worth
about 16 million U.S. dollars to the gulf state, while it imported goods worth
13 million dollars from Oman.
Kittony noted that Kenyan exports consists mostly of livestock, cut-flowers,
horticulture and base metals, while imports from Oman were mostly petroleum,
finished industrial manufactured goods and technology goods.
According to the KNCCI, both nations are committed to using the Oman Trade
Fair to expand bilateral ties.
"We are committed to tripling bilateral trade by exploiting new trade
opportunities in the next five years," Kittony said.
Early next year, the Kenyan trade lobby will send a trade delegation to Oman
to network with their Omani business counterparts.
This is part of the group’s broader strategy to help small and medium-sized
entreprises to access international markets, Kittony added.
He said Kenya’s port of Mombasa and Oman’s Salalah port will sign a
Kittony said that the pact is ideal as both ports serve as regional gateways
in their respective regions.
According to the trade lobby, both nations are currently in talks on an
avoidance of double taxation agreement.
Ayman Abdullah, chairperson of OPEX, said Omani firms are keen to sign joint
venture agreements with Kenyan firms.
Omani businesses also want to recruit Kenyan personnel to work in the
educational sector, Abdullah said.
Abdullah urged both nations to take advantage of the vibrant transport links
He said Oman Air currently operates four flights a week to Nairobi and many
Kenyans prefer to use the Omani flag carrier to easily access Far East
It takes only eight days for cargo to move from the Oman’s port of Salalah to
Kenya’s Mombasa port, Abdullah noted.
Kenya could also benefit from Oman’s expertise in the oil and gas sector to
exploit its recently discovered oil deposits in northwest Kenya, he said.
Abdullah said Omani investors are keen to participate in Kenya’s President
Uhuru Kenyatta’ "Big Four" agenda projects in affordable housing, manufacturing,
food security and universal healthcare.
Oman, Kenya trade lobbies sign MOU to boost
NAIROBI, (Xinhua) -- Oman and
Kenya trade lobbies on Monday signed a Memorandum of Understanding (MOU) to
boost trade cooperation between the two nations.
Al Yousef, chairman of Oman Chamber of Commerce and Industry, told journalists
in Nairobi that the MOU which runs for three years will enhance the
understanding of economic opportunities that are present in both countries.
aim is to boost bilateral trade and investment levels which are currently below
potential,” Al Yousef said during the opening ceremony of the first edition of
the Oman Product Expo.
event brought over 100 firms from the gulf state to showcase their goods in the
energy, food engineering and health sectors.
of Commerce and Industry has already signed MOU with other African countries
such as Tanzania and Ethiopia.
said that the MOU will form the basis of dialogue between the interaction of the
business communities in Oman and Kenya.
He added that
the MOU will enhance knowledge sharing on market intelligence in the two
He noted that
Omani firms also hope to use the MOU with their Kenyan counterparts to expand
their operations into the African continent.
said that Kenya is an ideal partner because it has attracted many multinational
firms to set up their regional headquarters.
For his part,
James Mureu, Vice Chairman of Kenya National Chamber of Commerce and Industry,
said that the agreement is the beginning of enhancing and understanding of the
opportunities that are present in both nations.
that both businesses in Kenya and Oman are keen to explore each other’s domestic
He added that
Kenya will use Oman as a gateway to enter into the gulf region while Oman will
leverage on its close ties with Kenya to expand into the African region.