French firms challenged to reclaim trading position in Kenya
- 5 years ago
President Uhuru Kenyatta has challenged French companies to reclaim their once-pivotal trading position in Kenya.
While noting the significant volume of French investment capital in Kenya’s national development agenda, President Kenyatta said there was potential for trade between Kenya and France to increase in scope.
Overview
Currently, French companies are the sixth largest foreign investors in Kenya. More than 70 French companies have commercial presence in Kenya, a 75percent increase from about 33 companies in 2013
French investments are spread across many sectors, which include transport and logistics (Bollore Logistics, AGS, Frasers); cement (Lafarge); energy (TOTAL) automobile (Michelin tyres, Peugeot and Renault); electrical and electronics (Schneider Electric), pharmaceuticals and other services
“There is a significant volume of trade between the two countries. However, this level of trade is far below the potential existing in both countries. Therefore there is still great scope to enhance the volumes of trade and levels of investment,” President Kenyatta said.
He added: “This calls for the strengthening of trade and economic relations and for private sector players from both countries to forge strong partnerships, joint ventures and mergers and expand the scope and variety of goods and services traded for the mutual benefit of the two countries.”
The Head of State – who spoke Tuesday in Paris during a Kenya-France business forum – urged French companies to work with their Kenyan counterparts to bridge the balance of trade that is skewed in favour of France.
Currently, French companies are the sixth largest foreign investors in Kenya. More than 70 French companies have commercial presence in Kenya, a 75percent increase from about 33 companies in 2013.
French investments are spread across many sectors, which include transport and logistics (Bollore Logistics, AGS, Frasers); cement (Lafarge); energy (TOTAL) automobile (Michelin tyres, Peugeot and Renault); electrical and electronics (Schneider Electric), pharmaceuticals and other services.
President Kenyatta welcomed the Paris business Forum, saying it is a demonstration of the commitment and desire for the private sectors from both countries to do business with each other.
While noting the significant volume of French investment capital in Kenya’s national development agenda, President Kenyatta said there was potential for trade between Kenya and France to increase in scope.
Overview
Currently, French companies are the sixth largest foreign investors in Kenya. More than 70 French companies have commercial presence in Kenya, a 75percent increase from about 33 companies in 2013
French investments are spread across many sectors, which include transport and logistics (Bollore Logistics, AGS, Frasers); cement (Lafarge); energy (TOTAL) automobile (Michelin tyres, Peugeot and Renault); electrical and electronics (Schneider Electric), pharmaceuticals and other services
“There is a significant volume of trade between the two countries. However, this level of trade is far below the potential existing in both countries. Therefore there is still great scope to enhance the volumes of trade and levels of investment,” President Kenyatta said.
He added: “This calls for the strengthening of trade and economic relations and for private sector players from both countries to forge strong partnerships, joint ventures and mergers and expand the scope and variety of goods and services traded for the mutual benefit of the two countries.”
The Head of State – who spoke Tuesday in Paris during a Kenya-France business forum – urged French companies to work with their Kenyan counterparts to bridge the balance of trade that is skewed in favour of France.
Currently, French companies are the sixth largest foreign investors in Kenya. More than 70 French companies have commercial presence in Kenya, a 75percent increase from about 33 companies in 2013.
French investments are spread across many sectors, which include transport and logistics (Bollore Logistics, AGS, Frasers); cement (Lafarge); energy (TOTAL) automobile (Michelin tyres, Peugeot and Renault); electrical and electronics (Schneider Electric), pharmaceuticals and other services.
President Kenyatta welcomed the Paris business Forum, saying it is a demonstration of the commitment and desire for the private sectors from both countries to do business with each other.