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Kenya and Russia to form business council

Kenya and Russia have resolved to establish a Russia-Kenya business council to oversee the implementation of joint trade and investment programs at the just concluded Russia-Africa Summit in Sochi.

President Putin And President Kenyatta recognized the need for the business council as it will provide a framework which Kenya and Russia will partner in trade, investment and development.

“To enhance the shared development and modernization agenda of our two countries, I consider it important to deepen people-to-people contact and our cooperation in security and defence, trade and investment, tourism, energy, culture, science and technology,” President Kenyatta said.

President Kenyatta stated that economic cooperations between both countries remains highly untapped despite said Kenya being the second largest trading partner of Russia in Africa.
He said there is need to identify ways of improving trade between the two countries, which currently is in favour of Russia, with a trade deficit of 2.3 billion US dollars.

President Kenyatta also invited Russians to invest in Kenya’s Big 4 Agenda priority areas of manufacturing, affordable housing, universal health and manufacturing saying direct investments would help “enhance economic cooperation”.

Culled from www.standardmedia.co.ke

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