Home ECONOMY Portugal to increase trade ties with Kenya

Portugal to increase trade ties with Kenya

by biasharadigest

Portugal has launched the Portuguese Business Council in Kenya, an office to help Portuguese companies find opportunities and set up operations in the country. The companies are interested in healthcare, agriculture, technology, and manufacturing sectors.

According to the Council founder Joao Ramos, the organization will assist Kenyan and Portuguese companies identify investment opportunities in the two countries and work with different agencies to improve the business environment.

Kenya and Portugal have maintained a cordial relationship for years. In 2018, Treasury Cabinet Secretary Henry Rotich signed an agreement with the Portuguese minister of Finance to avoid double taxation of income generated from either country. The agreement was meant to enhance trade and investment between the two nations. Authorities from Kenya and Portugal also agreed to share tax information to reduce cases of tax evasion.

The two countries have also signed several agreements which have led to the close link between them. Speaking during the launch, the Director-General for International Conferences and Events Benson Ogutu said, “The number of bilateral instruments of cooperation that have been signed in the diverse fields has also provided the much-needed impetus for enhancing these relations.”

As of 2017, Kenyan exports to Portugal amounted to KSh480 million while imports from the European country hit KSh1.64 billion. Two Portuguese firms involved in paint manufacturing and motor vehicle assembly set up operations in Kenya in 2018.

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