Kenyan traders will likely reap big if plans to establish a one-stop-shop in Dubai is successful.
The traders will have a centre in Dubai to sell such products as tea, coffee and flowers. In return, traders from the United Arab Emirates will establish a Dubai Trade Centre in Nairobi by the end of this year.
The investments in the trade centres will enable traders to buy at wholesale price what they would have to take a round trip to the UAE to access.
“We are already strategising to showcase our products and conquer world markets during the Dubai 2020 Expo,” said Kenya National Chamber of Commerce and Industry President Richard Ngatia who signed a memorandum of understanding with officials of Dubai Chamber of Commerce.
He said Kenyan SMEs were excited about the prospects at the expo, adding that Kenya will also be working with the Dubai Trade Centre to have an equivalent in Dubai where traders from the rest of the world can access the country’s products in one market.
Data from the Kenya National Bureau of Statistics showed that imports to Kenya from the UAE were approximately Sh400 billion in 2019.
Trade is skewed in favour of UAE with Kenya exporting goods valued at just over Sh50 billion in vegetables, pearls and large animals during the same period.
Dubai is popular with Kenyan traders whose merchandise includes general machinery, apparel, accessories, jewellery, electronics, household goods, personal and family care products.
“We are here in Kenya to establish the business park and because Kenya is the biggest single market and regional leaders,” said Abubakar Garba of the Dubai Chamber of Commerce.
He said the move, which has already received the nod from Kenyan authorities, will go a long way in helping businesses make better margins and result into better prices for consumers.
