Kenya and Japan are set to foster meaningful dialogue and collaboration on global trade-related matters at the 2023 G7 Trade Ministers’ Summit slated for October 28 in Osaka, Japan.
In a communication to newsrooms, Investments, Trade, and Industry, Cabinet Secretary Rebecca Miano noted that Japan recognizes Kenya’s pivotal role in the African economic landscape.
During the session, CS Miano and the Japan Minister of Economy, Trade, and Industry o, Mr. Nishimura Yasutoshi, are expected to issue a joint communiqué on establishing an Industrial Policy Dialogue between the two countries at the end of bilateral economic relations.
Miano will also participate in the Japan-Kenya Business Round Table on October 27th, 2023, which will bring together at least 100 Japanese businesspeople, and she will encourage them to invest in Kenya.
The CS will be among the ministers attending the global forum to discuss promoting open trade and resilient supply chains.
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The G7 Trade Ministers’ Session is a platform for ministers to exchange ideas, foster mutual understanding, and explore avenues for enhanced cooperation.
Further, the CS said the event was important as it will build robust diplomatic and trade relations with key global players in favor of Kenya.
“Kenya is committed to creating an equitable trade landscape that benefits both Kenya and Japan, as it will strengthen our longstanding diplomatic ties,” said Miano.
This event is expected to deepen mutual understanding of business activities in Kenya and pave the way for future collaborations and new investments.
CS Miano is poised to acknowledge Kenya’s efforts to enhance trade partnerships and articulate the country’s perspective on contributing to the global discourse of fostering equitable and mutually beneficial trade relationships.
Further, she announced that Kenya aims to scale up local content production in the automotive industry, of which 34 parts have already been considered for production.
“This initiative has the potential to generate jobs, income, and technology transfer,” Miano stated.
“I will encourage Japanese investors to establish operations in Kenya, leveraging the benefits of market access to the East African Community market, the African Continent through the African Continental Free Trade Area (AfCFTA), and the European Union Market through Kenya’s engagement with the European Union,” she stated.
Miano noted that these initiatives promise to boost Kenya’s share of manufactured goods to Gross Domestic Product, create employment opportunities, and increase government revenue through accrued taxes.
