The governments of Kenya and Kuwait have signed an agreement to avoid double-taxation and to protect foreign investments in the two nations
According to Kenya’s Capital FM, Kuwait’s ambassador to Kenya Yaqub Alsanad said the treaty was bound to promote foreign investments in the two countries in the coming days.
The Kenyan government has signed two other Memorandums of Understanding (MoU) with Kuwait, to promote tourism and establish a joint commission of cooperation.
The agreements were signed by Kuwait’s foreign minister Sheikh Sabah Khaled Al-Hamad Al-Sabah, the Kenyan secretary of foreign affairs Amina Mohammad, and the Kenyan cabinet secretary of east African affairs, commerce and tourism (MEAC) Phyllis Chepkosgey Kandie.
The Third Africa-Arab summit is scheduled to commence later this month, where Kenya and Kuwait’s Chambers of Commerce will meet to discuss further plans for the joint commission.
Alsanad said, “Kuwait is keen to increase its investments abroad, and particularly in Kenya which has diverse untapped resources and an environment conducive to business, making it ideal for partnerships.”
According to the Kuwait ambassador, the Middle East nation has imported goods from the African country for twenty years.
