Mozambique: Kenya president appeals for more inter-Africa trade

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Mozambique: Kenya president appeals for more inter-Africa trade

9:43 CAT | 14 Aug 2023

Photo: Presidente Filipe Nyusi / Facebook

Kenya’s president, William Ruto, on Friday, in Maputo, called on African entrepreneurs to focus on trade between the continent’s countries, which account for only 16 per cent of total business, taking advantage of the instruments already available.

“Africa is far behind in trade between countries on the same continent. If we go to Europe it is more than 70%. This means that there is a great potential for development for exchanges between the countries of our continent,” said Ruto, at the business forum between Mozambique and Kenya, in Maputo, during his state visit to the country.

To this end, he gave the example of tripartite agreements to facilitate trade between African countries or instruments already available, namely through Afreximbank, an African bank that promotes imports and exports, “without concerns” about the currency used in these businesses.

“We can exchange in local currency,” he appealed, before an audience of Mozambican and Kenyan businesspeople, arguing that governments and central banks should encourage this process.

“We have 1.4 billion people on the continent, any business partner knows what that means,” he said, recognising the importance of regional integration across the continent. “Let us be a single bloc,” he appealed.

The Mozambican president, at the same forum, also emphasised that the potential for trade between African countries “remains untapped”.
As an example, he gave the investment of Kenyan entrepreneurs in Mozambique, essentially in sectors such as agriculture, industry and tourism, which amounted to just over 77 million dollars (70.1 million euros) from 2017 to 2021, in 13 investment projects, involving the creation of 660 jobs.

On trade between the two countries, he acknowledged that the trade balance has been positive for Mozambique in the last five years, totalling exports worth $110 million (€100.2 million), with potential to increase.

“This reality attests to the opportunity to increase trade with immediate results in Gross Domestic Product, employment and economic diversification in our countries,” said the Mozambican president.

We must work together to eliminate barriers that impede the free movement of goods and services within Africa. Our deliberate support to private sector players will help grow enterprises, expand employment opportunities and reduce poverty in the continent. pic.twitter.com/VbO5XLIij0

— William Samoei Ruto, PhD (@WilliamsRuto) August 11, 2023

In the Forum, the Chamber of Commerce of Mozambique, chaired by President Filipe Nyusi, and the Kenya National Chamber of Commerce and Industry signed agreements to facilitate trade between the two countries. pic.twitter.com/B0eVSpI1TU

— William Samoei Ruto, PhD (@WilliamsRuto) August 11, 2023