Riyadh, Saudi Arabia, 15th March, 2022: Kenya National Chamber of Commerce and Industry (KNCCI) president Richard Ngatia yesterday witnessed the historic signing of a Memorandum of Understanding (MoU) between Kenya and Federations Council of Saudi Chambers (FCSC) in the Saudi Arabia capital Riyadh.
The MoU that is aimed at improving trade between Kenya and Saudi Arabia was executed by Ngatia and FCSC Secretary General Mr. Hussain Alabdulkader during the Saudi Arabia – Kenya Business Forum at the Council of Saudi Chambers.
Ngatia, who was at the forum in his capacity as the president of the Kenyan chambers and the chairman of the Great Lakes Region Private Sector Forum- which brings together 12 countries in the Lake Victoria basin-, signed the MoU to solidify the partnership between Saudi Arabia and the region in order to enhance trade and improve the Growth Domestic Product (GDPs) of the countries in the region.
The MoU will ensure that both Chambers will take positive action to facilitate trade information, services and opportunities in a bid to improve the balance of trade between the two countries.
Ngatia said that the signed MoU will allow for the creation of opportunities for Kenyan and the region to export professionals to work in the Gulf state.
“This MoU will allow for professionals to go and work in Saudi Arabia. We also discussed opportunities of business between Kenya and Saudia and especially in the export and imports,” Ngatia said.
“With this MoU, we can have more business opportunities because most goods from Saudi Arabia are not imported directly into Kenya. They pass through other countries before landing to Kenya. We have persuaded them to have their products imported to Kenya directly for ease of business,” He added.
The one-day business forum was convened of government officials ,business leaders, industry regulators and business associations to engage in bilateral trade conversations under the theme, ‘Enhancing Trade and Investment Potential between Kenya and Saudi Arabia.’
