The Norwegian firms were asked to consider increasing their presence in the region to capitalize on a new market of 600 million people.

 

Norwegian Minister for Trade and Industry Monica Maeland said to bolster the trade ties between her country and Kenya within the East African nation, Oslo was considering the signing of a Free Trade Agreement with the East African Community (EAC) as part of the new investment expansion initiatives.

 

"We must trade and interact with others. Trade between the two countries has increased but there is a chance for more trade relations," the Norwegian minister told investors from both countries in Nairobi.

 

Kenya Private Sector Alliance (KEPSA), an influential grouping of over 100,000 corporate business groups and organisations, presented a proposal to the Norwegian companies to consider taking lucrative business opportunities in the shipping and fishing.

 

 

 

Kenya has a fishing industry has the capacity to generate 100 million U.S. dollars every year and the East African nation believes there is potential for the setting up of a regional fish processing hub with the help of Norwegian investors to feed the 600 million people across Eastern and Southern Africa.

 

KEPSA Chief Executive Officer Carol Kariuki, said apart from the potential of investing in off-shore fishing, Norwegian investors could also consider investing in ship repair yards and farming. "We have opportunities that include investment in the clean and affordable green energy, wind and solar power and national power grid development," the KEPSA official said.

 

The Kenyan business executives say investments in Kenya's fishing sector should also include the provision of mapping services for the aqua-culture (fisheries sector). Kenya requires investments to improve the fisheries sector value-chain. This requires investments in new fish storage facilities, joint financing initiatives plans to enable local fish farmers gain from an improved fish trading environment.

Source : allafrica.com