The Institute of Export & International Trade Africa (IOE&IT Africa) has opened a new office in Nairobi, Kenya, to help enhance trade between UK and Kenya and boost commerce across the continent
IOE&IT Africa director general, Marco Forgione, made this assertion as he spoke at the welcome reception for the new office, which welcomed Kenyan business leaders, local students and UK diplomatic officials.
Forgione said the opening of the office was “hugely important” for IOE&IT’s mission to encourage and support international trade. He added, “There is no more compelling reason for us to encourage and support international trade than the fact that through international trade, we will address some of the largest challenges humanity faces whether that's around education health or environmental protection.
“It is by reaching out – nation-to nation, business-to-business, community-to-community, person to person – that we build those strong immutable links and the trade that helps society grow.”
The director general continued by noting the critical issues facing Kenyans today are actually global issues. “The cost of living isn't just affecting Kenya, it's affecting everywhere. Anything that can be done to help speed trade and to reduce the costs, such as the work we're doing with the digital trade corridor, will help address some of those issues.”
He said that the digital corridor – which will soon feature exports from Kenya to the UK of tea, cut flowers and coffee – was “A huge opportunity to increase both the production and also the processing capabilities in Kenya”, both in terms of intra-African trade and Kenya’s trade with the rest of the world.
Forgione then called for more support for businesses, both in Kenya and globally, to help private enterprise tackle the issues of global inflation. He remarked, “We have to see there being investment to support businesses, because the only way we can grow the economy –not just in Kenya but anywhere – is by getting businesses doing business.”
Terry Scuoler, chairman of IOE&IT, added that international trade remained a hugely positive good for the world as long as it was mutually beneficial to all parties involved.
“There are obstacles to that is we know around the world. Our aim is to work collectively to try and remove these barriers, and to work towards as much frictionless trade as free as possible. Free, frictionless trade, if properly managed, is mutually beneficial is an enormous force for good,” Scuoler concluded.
Africa is expected to become the second-fastest growing region in the world according to AfDB's latest report. Find the full story here: https://www.africanreview.com/finance/economy/africa-projected-to-be-second-fastest-growing-region