Nairobi: Senior government and business leaders on Wednesday arrived at Nairobi, the capital of Kenya, in hopes of promoting commercial ties between Africa and the Middle East region.
The two-day Future Growth Forum, with the theme of "Enhancing Economic Development and Innovation between Africa and the Middle East," brought together more than 200 delegates.
Joseph Masila, the deputy director-general of economic affairs and commercial directorate at Kenya's Ministry of Foreign and Diaspora Affairs, said that Africa and the Middle East are bound together not only by history but also by shared economic aspirations.
"Africa has abundant natural resources and a youthful population while the Middle East has achieved technological advancements and holds sovereign wealth funds that are seeking strategic investments," Masila added.
He noted that the recent signing of the Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and Kenya will facilitate trade and boost foreign direct investment for businesses in both regions.
Somalia's Ambassador to Kenya Jabril Ibrahim Abdulle said that his country, which emerged from decades of conflict, is now entering an era of economic revitalization due to the stabilization of its national institutions.
Ibrahim reckoned that investors from the Middle East have increased their attention to Africa in the area of trade, infrastructure development, agriculture as well as real estate.
Abdusalam Al-Awadhi, head of mission at the Yemen Embassy in Kenya, observed that over the past 15 years, there has been a deepening of economic ties between Africa and the Middle East.
He added that to fully realize the potential of Africa-Middle East economic integration, there is a need to focus on the implementation of policies that simplify trade regulations, reduce bureaucracy and enhance transparency to attract foreign investment.
Ahmed Farah, the chief executive officer of the Kenya National Chamber of Commerce and Industries, a trade lobby, said that Middle Eastern financial institutions have expanded their presence in Africa, providing vital investment capital that will deepen economic partnerships between the two regions.
