A five-year Memorandum of Understanding (MoU) between the Zambia Development Agency (ZDA) and the Kenya Investment Authority, KenInvest, aims to strengthen the two organisations’ collaboration in the promotion of investment and the sharing of information relevant to investment.
Through the MoU, the two institutions have created a workable framework for the growth of stronger commercial ties, institutional ties, and capacity building through reciprocal assistance.
Utilising resources of both parties to promote Foreign Direct Investments (FDIs) in accordance with the underlying institutional mission and legal framework of the two institutions is one of the goals of the Memorandum of Understanding (MoU).
Additionally, the two organizations want to work together to carry out initiatives that will strengthen and maintain technical collaboration in the areas specified in the agreement as well as the investment links between Zambia and Kenya.
Albert Halwampa, the acting director-general of ZDA, and Olivia Rachier, the managing director of KenInvest, signed the MoD in Nairobi.
The partnership areas that have been highlighted include business facilitation and investment promotion, information sharing, collaboration and exchange programs, event planning, and aftercare facilitation.
In the area of investment promotion, the two parties agreed to facilitate and aid investors from the country of one party desiring to invest in the country of the other party.
Furthermore, the parties will work together to conceive, develop, and package investment projects in both jurisdictions, with an emphasis on both outbound and inbound foreign direct investment between the two nations.
The two institutions will promote and support the exchange of technical know-how, knowledge, and training opportunities in investment promotion, investment facilitation, investor aftercare, and policy advocacy as part of collaboration and exchange programs.
Additionally, the two sides will foster connections and collaborations between Small and Medium Enterprises (SMEs) from the two nations as well as the transfer of technology between the two nations in important economic sectors.
In the meanwhile, the two parties will coordinate delegations to promote investment in either party’s country and take part in exhibitions, meetings, and conferences that are held by either party.