Ever closer ties, mutual facilitation of trade, and the development of digital technologies and services to improve business. These are the good intentions, backed by agreements already signed last year, of the European Union and Kenya and by the entry into force of the Economic Partnership Agreement (EPA) between the EU and Kenya.
Details and developments emerged during the second edition of the EU-Kenya Economic Forum, which concluded a few days ago in Nairobi. Although organized some time ago, this series of meetings came at a key moment for the Kenyan economy and its future direction, in light of the abrupt changes in US foreign policy.
The figures speak for themselves: Europe, understood as the 27 countries meeting in Strasbourg and Brussels, is currently Kenya's main export market, accounting for 14% of total exports. Total trade between the EU and Kenya reached 493 billion Kenyan shillings (US$3.4 billion) in 2023, an increase of 13% over the last year and 53% over the last 10 years. Similarly, EU investment in Kenya has increased by 61% since 2013. Technologies such as e-commerce, the development of artificial intelligence (AI), blockchain, and secure digital payments can provide new impetus to improve trade flows, promote sustainable development, and connect Kenyan businesses to the market.
Among the results achieved by the forum, which was attended by more than 700 people, including EU and Kenyan policymakers, representatives of EU Member States, business leaders and civil society, were the signing of a financing agreement between the European Investment Bank and Family Bank and the signing of the agreement between the EU initiative 'Investing in Young Enterprises in Africa' and 'Women Entrepreneurship for Africa', with a signing ceremony to finance women entrepreneurs.
Another important development launched by the forum was the launch of the European Chamber of Commerce in Kenya (EuroCham Kenya) to further institutionalize trade relations between the EU and Kenya and provide a platform for dialogue and business facilitation.
Now we are just waiting for concrete action from the Kenyan government, namely real incentives for imports from Europe, including Italy, into the country, given that the benefits for Kenya have already been secured, particularly in terms of customs and tax relief.