The Kenya Investment Authority (KenInvest) has renewed its eight-year bilateral partnership with the Japan External Trade Organization (JETRO), reaffirming its commitment to collaborate in the areas of promotion and facilitation of investments between Kenya and Japan.

Under the renewed MOU, KenInvest and JETRO will collaborate in promoting and facilitating investments in Kenya to Japanese companies as well as also conduct joint investment promotion and trade missions.

KenInvest and JETRO will also conduct joint policy and commercial advocacy to support a conducive investment climate; and compile comprehensive and reliable investment statistics, including information exchange and arrangement for the sharing of such information in the trade and investment sector. 

Speaking after the signing of the MoU, KenInvest Ag. Managing Director Ms. June Chepkemei said: “I am proud and excited to renew this MOU. This signing provides us with the unique opportunity to further deepen our working relationship with JETRO and creating new opportunities for Japanese companies looking to launch or expand businesses in Kenya."

JETRO Executive Vice President Mr. Kazuya Nakajo said: “Thank you for joining us today for the MoU renewal ceremony between the Japan External Trade Organization (JETRO) and the Kenya Investment Authority (KenInvest). I would especially like to congratulate Ms. June Chepkemei on her appointment as Acting Managing Director."

The bilateral partnership between KenInvest and JETRO was first formalized in 2014 and the robust cooperation has seen unprecedented growth in investments and trade volumes.

Kenya is the most preferred and leading recipient of Japanese investment in Africa. The number of Japanese companies investing in Kenya increased from 24 in 2010 to 103 in 2021 with an investment value of approximately US$ 7 billion.

Some of the landmark investments made by Japan in Kenya include: The Toyota Tshusho Corporation; ISUZU Motors Limited; The Honda Motors Co. Ltd; Kansai Plascon Africa Ltd; LIXIL Corporation, Marubeni Corp, Toyo Construction, Yamaha Assembling, Nissin Foods, Toridoll, Rhoto and Hankyu Hanshin Express among others.

In 2021, Kenya’s exports to Japan totaled $62 million while imports from Japan stood at $1 billion compared to 2020, where Kenya’s imports from Japan was approximately USD 877 Million while Kenyan exports to Japan were valued at about USD 48 Million.

Other notable achievements include organizing three Japan-Kenya Business Dialogue sessions that have brought together stakeholders from different Ministries committing to speedily address the challenges faced by Japanese investors in Kenya so that investors may concentrate on doing business and making good returns, capacity building for KenInvest staff and organizing joint investment and trade missions and conferences.