In order to increase business relations between the two nations, Kenya and Germany have committed to making the removal of non-tariff obstacles a top priority.
They claimed that this would save operational costs and facilitate the transfer of products and services.
President William Ruto while in Germany said that the elimination of non-tariff obstacles will also increase German business investments in Kenya.
“This will improve the balance of trade that is currently in favour of Germany,” said Ruto at Schloss Bellevue, Berlin, where he was hosted by his German counterpart, Dr Frank-Walter Steinmeier.
Ruto recently addressed a business forum in Potsdamer Platz to encourage German investment in Kenya’s micro, small, and medium-sized enterprises. He extolled the expertise brought by German companies and suggested that collaborations between Kenyan and German institutions would be mutually beneficial.
He made the remarks when Dr. Markus Jerger, the Head of Der Mittelstand-German Organisation of Small and Medium-Sized Companies (BVMW) approached him.
President Ruto highlighted that as part of its bottom-up economic development programme, the administration is dedicated to assisting small businesses in expanding.
“That is why we have put more than Sh50 billion in the Hustler Fund to provide affordable credit to millions of Kenyans who depend on the MSME sector for a living,” he said.
In Germany, the BVMW represents the interests of more than 3.3 million distinct businesses. According to Dr. Jerger, Kenya’s value addition strategy offers tremendous prospects for German businessmen.
During the Germany-Kenya Business Forum at the Haus der Wirtschaft in Berlin, President Ruto emphasised the need for German multinationals to invest their resources in the nation, claiming that it is a stable nation with a dynamic and welcoming environment for trade and investment.
“We have a robust environment with an open and business-friendly regulatory regime,” he said. This, he added, has been underpinned by a strong reputation for the rule of law.
“Investing in Kenya will offer enterprises access to the EAC, COMESA, the Tripartite Free Trade Area, and the AfCFTA markets of 1.4 billion people and a combined GDP of $3.4 trillion,” said the Kenyan President.
He added that Kenya is prepared to collaborate with enterprises, particularly in the fields of agriculture, digital economy, housing, and renewable energy.