Ngatia leads talks to boost bilateral relations between Kenya and Bangladesh
The Kenya National Chamber of Commerce and Industry (KNCCI) President Richard Ngatia yesterday led the KNCCI top brass in holding trade talks between Kenya and Bangladesh.
Accompanied by the KNCCI second Vice President Ms. Fatma Elmaawy, the chamber leaders were hosted by High Commissioner of Bangladesh H.E. Tareque Muhammad at the High commission of Bangladesh.
The purpose of the visit was to boost the existing trade relations between the two countries whose trade statistics indicate that for the past years, the exports of Kenya to Bangladesh have increased at an annualized rate of 21.3% from $ 31.3k in 1995 to 3.9m in 2020.
The trade gap can be achieved by improving on export capacity of horticultural products from Kenya to Bangladesh.
“Bangladesh is today one of the world’s largest garment exporters, with the ready-made garment (RMG) sector accounting for 84 percent of Bangladesh’s exports. This comes on the back of the sector’s rapid growth and modernization over the past decade as well as the strides it has made in improving conditions for the country’s approximately four million garment workers,” Ngatia said.
The key sectors of collaboration between the two countries are; pharmaceuticals, textile, agriculture, education, ICT and blue economy.
KNCCI is keen to sign a Memorandum of Understanding with Bangladesh Chamber of Industries (BCI) to establish a working relationship to promote business in both countries by organizing industrial delegations, seminars, symposia, trade fairs, exhibitions and to receive any business delegation from both countries together with undertaking of research.
“We look forward to engaging the high commission in facilitating and coordinating the business community in trade development,” Ngatia added.