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Vice President William Ruto (center) and Industrialization Cs Peter Munya at KICC's commercial week launch on 31/7/18- [Photo:Beverlyne Musili,Standard]
Kenya has posted a team to back up its economic interests in China and India to boost exports to lucrative markets.
Speaking during the 2018 Trade Week, the Vice President said that Kenya's trade balance was very skewed in favor of the two Asian giants.
He noted that while China and India contributed about 40 percent of Kenya's imports, combined exports to the two economies accounted for a meager 4 percent of the country's total exports.
"This will have to change, we will have to return it, and that is why we are strengthening our diplomatic footprint to support our export strategy," Ruto said one day when the government also unveiled three export strategies.
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This is the integrated national strategy for promoting export development, the second strategy of the African Law on Growth Opportunities (Agoa) and the Action Plan for 2018-2022 of Great Vision Made in Kenya.
The country wants to increase its volume of exports by reviewing its existing markets with a view to expanding them, even if it is looking for new markets. Kenya has traditionally exported its products to a few countries, mainly European and North American.
"The export performance has not been encouraging, which is reflected in the narrowness of our exports in general," said Kenyatta's president in a speech read by Ruto during of the event.
"In 2017, for example, five product categories accounted for 56% of all Kenyan exports and 13 countries were buying 70% of everything we export."
The unveiled export strategy identifies eight sectors likely to triple Kenya's exports from 8% to 25% of gross domestic product (GDP) by 2022. Some of these sectors include manufacturing, agriculture, livestock, fishing, trade and services, and the emerging sector such as oil and gas.
With the second Agoa strategy, the country aims to increase the volume of exports to the United States and expand their reach.
President Kenyatta also announced policy changes to help achieve these goals.
"We agreed to establish the Cabinet Subcommittee on Export Promotion to carry out this strategy to diversify and expand our exports," he said.
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