Kenya and South Africa are stepping up their industrial collaboration, trade, and investment as they position themselves to spearhead Africa's economic transition

Speaking at the South Africa-Kenya Business Meeting in Midrand, Johannesburg, President Cyril Ramaphosa and President William Ruto of Kenya urged greater cooperation between the continent's top economies, stating that infrastructure development, integrated value chains, and increased intra-African trade are essential to Africa's future growth.

According to President Ramaphosa, bilateral trade between South Africa and Kenya continues to develop steadily, making Kenya one of the country's biggest commercial partners outside of the Southern African Development Community (SADC).

"Since 2022, total trade between South Africa and Kenya has grown by an average of 3.5% a year," the President stated.

President Ramaphosa claims that South African firms have invested in 96 projects worth more than 2 billion USD in Kenya, while Kenyan companies have invested in 11 projects worth 283 million USD in South Africa.

Kenya's development has been greatly aided by South Africa's development finance institutions in addition to private sector investment.

The President stated that as both South Africa and Kenya pursue structural reform, industrialization, and diversification, the Business Meeting has brought attention to the substantial unrealized potential in their economies.

"By unlocking this potential, we can advance inclusive growth, meaningful employment and shared prosperity," he stated.

In order to create sustainable jobs and increase local capacity, President Ramaphosa said that investments should be accompanied by technology transfer and skill development. He welcomed discussions on financing infrastructure and bolstering regional value chains.

President Ruto echoed President Ramaphosa's views, stating that the two nations had the combined economic power necessary to propel Africa's change.

President Ruto stated that trade, investment, tourism, aviation, financial services, manufacturing, ICT, and logistics are all areas where the two nations' partnership is expanding.

"Today, more than 60 South African companies operate in Kenya in banking, insurance, retail, manufacturing, telecommunications, infrastructure and real estate," he stated.

The African Continental Free Trade Area (AfCFTA), according to the president of Kenya, offers one of the best chances for economic expansion on the continent by establishing a single, competitive market that can draw investment, generate employment, and speed industrialization.