Kenya’s Trade Minister, Peter Munya, recently revealed that Nairobi is on the cusp of witnessing a qualitative cooperation with Saudi Arabia. The two countries have already signed a Memorandum of Understanding (MoU) to bolster their current partnership, and the imminent agreement is set to open up more business opportunities between them.
The trade minister made the announcement during the signing of the MoU between the Kenya Trade Network Agency (KENTRADE) and the Saudi Standards, Metrology and Quality Organization (SASO). Munya indicated that the agreement, which was signed in Nairobi, would help the two countries expand their trade ties.
The minister further noted that the agreement would be beneficial to both countries and help them explore the potential of their respective markets. He highlighted the importance of the pact, citing that it would help promote the export of Kenyan products to the Saudi market, as well as create a platform for the exchange of trade information.
The Minister also pointed out that Kenya is keen to benefit from Saudi Arabia’s expertise in areas such as Halal certification, quality assurance and standardization. He went on to say that the MoU was a step in the right direction to increase trade between the two countries.
The Minister’s remarks come at a time when Kenya is looking to strengthen its commercial relations with Saudi Arabia. With the new MoU, the two countries are expected to facilitate the exchange of trade information, while also creating a platform to share experiences and best practices.
The recent announcement by Kenya’s Trade Minister is a sign of the growing economic relationship between the two countries. This new agreement is set to open up more business opportunities between them, while also helping to promote the export of Kenyan products to the Saudi market. With the cooperation between the two countries now set to become more qualitative, it is expected to benefit both sides and give a boost to their respective economies.