Barbadian firms have begun exploring opportunities to do business in Kenya, the Chamber of Commerce and Industry (BCCI) revealed.
“We are excited about the opportunities that we can present to our membership and the wider private sector.
“The BCCI recognizes the importance of trade and business relations in generating opportunities for economic growth for both Barbados and Kenya,” president of the BCCI Trisha Tannis said.
The chamber said it sought to establish a memorandum of understanding (MOU) with its Kenyan counterpart at a meeting with officials from the Ministry of Foreign Affairs.
In a statement, the BCCI said: “During the meeting held at the offices of the Barbados Chamber, both parties agreed that the MOU would detail opportunities and areas of cooperation in addition to providing an understanding of trade regulations in Kenya to guide the local private sector as it explores potential areas for trade and investment.”
Tannis said discussions on areas for cooperation under an MOU would be “broad-based” in collaboration with the Barbados Private Sector Association, the foreign ministry and the Ministry of Small Business, Entrepreneurship and Commerce.
She added: “Through the proposed MOU we are hoping to explore opportunities and potential areas for trade and investment for the benefit of the private sector in both countries.”
Executive Director of the BCCI Misha Lobban-Clarke also expressed hope about deepening trade between businesses in Bridgetown and Nairobi.
“We anticipate that an MOU at one level will facilitate the sharing of trade information between Barbados and Kenya that will help to bridge the gap that exists between our regions and that it will result in the establishment of greater linkages as well as trade and business opportunities that are reciprocal and positive for all the parties involved.
“From the discussions, there are prospects for business and investment opportunities for our members in a number of areas and so we are committed to advancing broad-based discussions among our membership and with the Chamber in Kenya towards finalizing a framework for this memorandum of understanding.”
Director in the Ministry of Foreign Affairs of Kenya Ambassador Johnson Weru who led the Kenyan delegation at last week’s meeting, said that the Kenyan government would provide the necessary support to enable the MOU, and facilitate the realisation of meaningful linkages to grow the private sector.
Prime Minister Mia Mottley has proposed a range of joint ventures including tourism, renewable energy, the planned medical cannabis industry and education as the two countries deepen economic and trade ties.