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20 Hong Kong firms seek deals in Kenya

Investors from Hong Kong are in Kenya, seeking opportunities in real estate, electronics, textiles and retail.

The entourage of 20 companies from Hong Kong is seeking match-making opportunities in an event organised by the Hong Kong Trade Development Council (HTDC) and the Ministry of Trade.

There are four textile firms, five for building and construction, five electronic companies while trading companies are six.

“We are seeking joint ventures through existing companies in Kenya, and even to set up new factories depending on the suitability of the business environment,” said HTDC assistant executive director Raymond Yip.

Kenya’s trade with Hong Kong totals Sh17 billion with Nairobi exporting Sh5 billion worth of goods while imports total Sh12 billion.

Ranked third

Mr Yip said the high demand for Chinese goods by Kenyans is one of the factors contributing to the increased interest to set shop.

Hong Kong is looking for growing markets in Africa as their exports are facing declining demand in the developed markets such as Europe and the United States, Mr Yip said.

Kenya imports cars, electronics, textiles among other materials from Hong Kong while it exports tea, coffee and leather to the East Asian financial hub.

Kenya has been ranked third in Africa among the countries that attracted the highest number of foreign direct investment projects by the Financial Times newspaper, indicating the level of interest the country has generated among foreign players.

The country’s investment climate has been improved by the increased discoveries of mineral resources, investment infrastructure and constitutional reforms that promise political stability.

Business Daily

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