The South Africa-Kenya Business Forum held on the margins of Kenya President Dr William Ruto’s state visit to South Africa, committed to narrowing the trade deficit through increasing overall trade, co-investing in critical infrastructure while leveraging the leveraging the Africa Continental Free Trade Area (AfCFTA) and Tripartite Free Trade Area (TFTA) to improve market efficiency.
More than 300 businesspeople representing different sectors attended the forum in Midrand, Gauteng.
Speaking at the forum, Business Unity South Africa representative, Dr Stavros Nicolaou said the discussions held at the forum underscored the need for regulatory alignment, digitalisation of customs, and trade facilitation to address barriers and enhance investment.
“Despite AfCFTA and TFTA the trade between the two economies is underwhelming but has a significant room to grow. We view Kenya as a significant opportunity for South Africa businesses and call for greater collaboration in sharing manufacturing data chains and aggregating procurement for economies of scale and better procurement,” said Nicolaou.
Outlining actions steps to be taken and collaboration, Nicolaou said aligning standards, digitalising customs, reviewing tariff structures, and enhancing partnership with value chain integration would be key in forging trade between the two countries.
As the two economies work to expand their strategic alliance, South Africa and Kenya have signed six new Memoranda of Understanding (MoUs) aimed at enhancing cooperation in commerce, maritime transportation, skills development, gender equality, arts and culture, and sport.
Business Unity South Africa representative Dr Stavros Nicolaou speaking at the SA-Kenya Business Forum held in Midrand, Gauteng.
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