Ethiopia, Kenya Express Commitment to Strengthen Economic Ties, Promote Investment

Addis Ababa October 2/2021 (ENA) Ethiopia and Kenya expressed commitment to establish mechanisms to strengthen economic relations between the two countries where by they can work to identified issues that affect the economies and private sector engagement in both countries.

The Cabinet Secretary of National Treasury and Planning of Kenya, Ukur Yatani Kanacho accompanied by high level delegation made an official visit to Ethiopia at the invitation the Minister of Finance of Ethiopia, Ahmed Shide.

During the occasion, the Ministers held substantive talks on ways to further strengthen the bilateral relations between the two countries particularly through exploring more avenues for enhancing economic relations and promoting regional economic integration.

The Ministers have also affirmed on prioritizing their efforts in areas of trade and investment promotion, infrastructure development, and sustainable livelihoods, according to a joint communiqué issued after the bilateral talks.

They reiterated the longstanding historical, social and strong bilateral relations enjoyed between Ethiopia and Kenya.

The two officials also emphasized how the shared values, culture and tradition between the two countries continue to serve as fundamentals to strengthening the economic cooperation as well as the growth and development of the two countries.

According to the joint communiqué, the strong brotherly relations between the leaders of the two countries were also taken as an important leverage factor to further expand the relations.

The Ministers affirmed on prioritizing their efforts in areas of trade and investment promotion, infrastructure development, and sustainable livelihoods.

They expressed their satisfaction over progress made in terms of infrastructure connectivity the Northern Corridor including road network between Isiolo, Moyale through to Addis Ababa as well as the Lamu-Garissa-Isiolo-Moyale and Moyale- Hawassa-Addis Ababa Road networks.

The Cabinet Secretary of National Treasury and Planning of Kenya also provided updates on the Lamu Port-South Sudan-Ethiopia-Transport (LAPSSET) Corridor project, which will be very important for economic activities in Northern Kenya and Southern Ethiopia.

In conclusion, the Ministers expressed their commitment to establish mechanisms to strengthen economic relations between the two countries where by they can work to identified issues that affect the economies and private sector engagement in both countries.

In this aspect they agreed to finalize the agreement in avoidance of double taxation and share experience among the two ministries in areas of Public Private Partnership (PPP).

The Safaricom group investment which was said to be a flagship project was named among projects between the countries for being instrumental to furthering economic development of relations.

In these regards representatives of both Safaricom PLC and Sumitomo cooperation expressed their gratitude over the support they have been receiving from Ethiopia government.