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Newly formed alliance between SCCI and Kenya Chamber to create investment roadmap for Sharjah and Kenya

The Sharjah Chamber of Commerce and Industry (SCCI) has announced the signing of a Memorandum of Understanding (MoU) with the Kenya National Chamber of Commerce and Industry (KNCCI) that aims to strengthen bilateral trade relations and facilitate the creation of more investment and economic opportunities between Sharjah and Kenya. The agreement, which is part of the SCCI 's five day promotional visit to key Eastern and Northern African countries, complements the local chamber's strategic thrust to aid the development of Sharjah's business sector by attracting more foreign investment opportunities into the emirate.

The agreement was signed by H.E. Mohammad Sultan Bin Houwaden, First Vice Chairman of the Board of Directors, SCCI and Stephen M. Mbugua, Chairman, KNCCI, during the SCCI delegation's visit to the KNCCI headquarters. Also present during the signing were the rest of the SCCI 's 13-man delegation headed by Hussein Mohammed Al Mahmoudi, Director General, SCCI ; Ahmed Mohamed Fekri, SCCI board member; Mohammad Jumaa Al Mushrakh, Head of SCCI 's Exhibition and Conference section; SCCI officials and businessmen from Sharjah's various vital investment and economic sectors.

Under the terms of the agreement, both parties have agreed to jointly study and implement programs and initiatives that can bolster bilateral trade relations between Sharjah and Kenya. The new partnership will also see the creation of business and investment opportunities for members of both chambers; the facilitation of a continuous exchange of important trade information that can help in fostering more economic development and encourage participation in mutual trade visits, trade fairs and information exchange events like conferences, workshops and seminars. A special Joint Business Committee, which will be composed of members from both the SCCI and the KNCCI, has also been formed to help reinforce the objectives and goals set by the newly formed partnership. Aside from its chief aim to promote economic ties between the two chambers, the agreement also aims to establish bilateral trade relations in accordance with the principles of benefit integration, progressive development, common interests and long-term cooperation.

The SCCI delegation was also able to meet with H.E. Moses Wetangula, Kenyan Minister of Foreign Affairs. The meeting was highlighted with strategic discussions on how to improve and strengthen business ties between the two countries and formulated strategies that encourage the creation of more investment opportunities between Kenya and Sharjah's private sector. Wetangula stressed that joint investments between the UAE and African countries like Kenya play an important role in inspiring development not only for Kenya but for other Eastern and Northern African countries. He also encouraged the delegation to look at business opportunities in industries like tourism, real estate, hospitality, finance, transportation, telecommunication, agriculture, and construction.

After the visit, the SCCI delegation attended a special meeting organized by the Kenya Businessman Forum. During the meeting, H.E. Mohamed Gelo, Kenyan Ambassador to the UAE, welcomed the members of the Sharjah group and lauded the chamber's efforts to promote trade exchange and develop cooperative relations and strategic partnerships.

As a response, H.E. Mohammad Sultan Bin Houwaden commended the Kenyan government's strong show of support and assistance at the time of their visit. He also called on Kenya's business sector to join the efforts to strengthen and revitalize trade ties by encouraging more investment partnerships between Sharjah and the increased participation in high profile international exhibitions held and organized by the Sharjah Expo Center.

A representative from Kenya's Investment Development Council gave a presentation on Kenya's investment climate, potential opportunities in the country's diverse set of industries, benefits and packages offered to foreign investors and legislation and laws related to foreign investments. The presentation was followed by a talk given by the Kenya Tourism Authority, which highlighted the country's tourism industry as one of Kenya's most important sources of national income. Kenya has become one of Africa's premiere destination points--offering a harmonious mix of advanced tourist infrastructures like hotels and wildlife parks combined with the country's stunning natural landscape and diverse wild life.

Hussein Mohammed Al Mahmoudi, Director General, SCCI , also gave a presentation about the various services, programs and facilities that the chamber offers. He also spoke about Sharjah's investment environment, different industrial establishments and the important role that the chamber has played in the emirate's bid for total sustainable development.

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© Press Release 2010

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