In a move aimed at enhancing economic cooperation and trade, Kenya and Indonesia have announced plans to strengthen their ties and expand investment opportunities between the two nations.
This announcement comes as President William Ruto of Kenya and President Joko Widodo of Indonesia held a bilateral meeting at State House, Nairobi, during President Widodo’s State Visit to Kenya.
President Ruto emphasized the importance of fostering deeper trade relations and expanding investment avenues to achieve a more balanced trade partnership with Indonesia. The current investment and trade volume, valued at over $600 million in the past year, is set to increase as both countries explore new avenues of collaboration.
During the joint press conference held after their meeting, President Ruto highlighted key areas of focus for the enhanced partnership. These include textiles and apparel, energy, mining, and oil production and refining. Both leaders expressed their commitment to nurturing growth in these sectors as they believe it will bolster their bilateral investment portfolios and significantly contribute to increased trade volumes.
Kenya eyes ASEAN market
Kenya eyes ASEAN market bloc Further, President Ruto emphasized Kenya’s aspiration to tap into the potential of the Association of Southeast Asian Nations (ASEAN), a rapidly growing trade bloc in Asia. The collaboration with Indonesia is expected to facilitate Kenya’s entry into this dynamic market, which would open up new trade opportunities and enhance its global presence.
In his remarks, President Widodo pledged Indonesia’s support in working towards shared prosperity with Kenya. He echoed the sentiment of mutual benefit and stressed his country’s commitment to ensuring that the partnership between the two nations positively impacts the lives of their respective citizens.
Dr Ruto highlighted Indonesia’s involvement in the edible oil processing industry in Kenya. The investment in this sector is expected to help provide affordable and accessible edible oil to the Kenyan population, particularly in rural areas, aligning with the government’s efforts to enhance food security and affordability.