President Raisi visit: Kenya, Iran ink 22 MoUs to grow bilateral trade

By Agencies

Kenya and Iran are charting a new path to increase trade between the countries following the Nairobi visit of President Ebrahim Raisi.

On Wednesday, President Raisi and President William Ruto signed 22 memorandums of understanding and agreements with the view to lift bilateral trade.

The MoUs cover sectors such as agriculture, livestock, culture and heritage, information, ICT, fisheries, housing, urban and metropolitan development.

Iran is expected to set up a centre for innovation and technology in Nairobi to be known as the Iran House of Innovation and Technology to house the two countries’ businesses.

“This is an innovative way of enabling enterprises to access Iranian technologies, skills and information. We seek to capitalise on this unique advantage for our prosperity,” President Ruto said.

President Raisi noted that more Iranian firms will set up in Kenya to take advantage of the country’s position as a gateway to other regional markets including the EAC, Comesa and the African Free Continental Trade Area.

“The Kenya-Iran relations can always be strengthened for our benefit,” he noted.

According to data from the Kenya National Bureau of Statistics, the value of trade between these countries was valued at Sh9.3 billion in 2022.

The balance of trade between them was in favour of Kenya with exports valued at Sh5.9 billion while imports are at Sh3.4 billion.

Kenya largely exports tea, coffee, fruits, fish and textiles to Iran and receives chemicals, fuels and plastics in return.

Both leaders noted the trade volumes remain low but with the potential to grow.

Kenyan exports to Iran have grown from Sh2.2 billion in 2018 while imports have been falling from Sh10.4 billion five years ago.

Source: Business Daily