Kenya, UK Sign MoU to Boost Market Access, Business Integrity

Yesterday evening, the British Chamber of Commerce Kenya (BCCK) and the Ministry of Investments, Trade, and Industry (MITI) signed a Memorandum of Understanding (MoU) on Market Access and Business Integrity.

The MoU enables MITI and BCCK to pinpoint and suggest areas for change in Kenya’s corporate regulatory environment.

It was seen by UK Prime Minister’s Trade Envoy Theo Clarke.

The yearly high-level public-private discourse with business leaders is one approach to facilitate this.

Through the MoU, the two organizations will collaborate as knowledge partners to share government information and analysis on integrity concerns affecting trade and investment.

A program of engagement with important public sector organizations, such as the KRA, KEBS, Customs, EACC, the Judiciary, and the commercial sector would be used to operationalize the MOU.

“Ethical business conduct and adhering to fair trade practices are key to attracting international investors, helping drive Kenya’s economic transformation,” PS Abubakar Hassan Abubakar for Investment said.

“This MOU provides a framework for developing targeted strategies to build trust with our international trade partners.”

The Business Integrity Initiative will receive two of the three pieces of advice on conducting business, managing the Business Integrity Index, fostering peer-to-peer networking, and promoting Kenya as a reliable trading partner for the UK under the terms of the Pact between BCCK and the Ministry’s Department of Business Reforms and Transformation (DBRT).

“By promoting integrity in partnership with the Government of Kenya, we are creating a favourable environment for trade and investments,” Clarke said.

“I was delighted to attend the launch of the Business Integrity Initiative in 2019, and the recent legislation shows continued commitment to deepening our economic relationship.”

Along with Philip Mainga, Managing Director of Kenya Railways, Clarke visited Nairobi Railway City during his three-day tour to Kenya.

The project is a component of the Sh500 billion in green infrastructure initiatives that UK Prime Minister Rishi Sunak and President William Ruto pledged to expedite in November 2022.

She will also meet with Kenyan businesswomen on a platform for knowledge exchange that will provide helpful advice on how to improve their resilience and leadership abilities.

“The Chamber and our members are committed to working with Kenyan authorities to improve the trade landscape. Through the Business Integrity Initiative, we have built a good understanding of what it takes to build confidence among trade partners,” Sonal Tejpar, Chairperson, BCCK, stated.

“The DBRT team has a strong mandate to bring all arms of government together to reduce trade barriers. We’re excited about what we can do together under this MOU.”