The Cabinet Secretary for Investments, Trade, and Industry, Rebecca Miano, is expected to attend the 2023 G7 Trade Ministers’ Summit slated for October 28th this year in Osaka, Japan. The CS will be among the ministers who will attend the global forum to discuss the promotion of open trade and resilient supply chains. The G7 Trade Ministers’ Session serves as a platform for ministers to exchange ideas, foster mutual understanding, and explore avenues for enhanced cooperation. The CS, who expressed gratitude for the invitation, said the event was important as it will build robust diplomatic and trade relations with key global players in favour of Kenya. ‘Kenya is committed to creating an equitable trade landscape that benefits both Kenya and Japan, as it will strengthen our longstanding diplomatic ties,’ said Miano. In a press statement sent to newsrooms, the CS noted that Japan extended the invitation to foster meaningful dialogue and collaboration on global trade-related matters between the two countries as it recognises Kenya’s pivotal role in the African economic landscape. During the session, CS Miano and the Minister of Economy, Trade, and Industry of Japan, Mr. Nishimura Yasutoshi, are expected to issue a joint communiqué on establishing an Industrial Policy Dialogue between the two countries at the end of bilateral economic relations. CS Miano will also participate in the Japan-Kenya Business Round Table on October 27th, 2023, which will bring together at least 100 Japanese businesspeople, and she will encourage them to invest in Kenya. This event is expected to deepen mutual understanding of business activities in Kenya and pave the way for future collaborations and new investments. CS Miano is poised to acknowledge Kenya’s efforts to enhance trade partnerships as well as articulate the country’s perspective on contributing to the global discourse of fostering equitable and mutually beneficial trade relationships. She announced at the same time that Kenya aims to scale up local content production in the automotive industry, of which 34 parts have already been considered for production. ‘This initiative has the potential to generate jobs, income, and technology transfer,’ Miano stated. ‘I will encourage Japanese investors to establish operations in Kenya, leveraging the benefits of market access to the East African Community market, the African Continent through the African Continental Free Trade Area (AfCFTA), and the European Union Market through Kenya’s engagement with the European Union,’ she stated. She observed that these initiatives promise to boost Kenya’s share of manufactured goods to Gross Domestic Product, create employment opportunities, and increase government revenue through accrued taxes.
Source: Kenya News Agency