On 21st June 202, the Zambia Development Agency (ZDA) and the Kenya Investment Authority (KenInvest) signed a five-year Memorandum of Understanding (MoU) aimed at enhancing the cooperation of the two institutions in investment promotion and exchange of investment-related information.
The MoD wth signed in Nairobi by ZDA Acting Director-General Albert Halwampa and by KenInvest Managing Director Olivia Rachier.
Through the MoU the two institutions have established a practical framework for the development of stronger business relations and strengthening of institutional relations and capacity building through mutual cooperation.
The objectives of the MoU include leveraging on parties resources in promoting Foreign Direct Investments (FDIs) consistent with the underlying institutional mandate and legal framework of the two institutions.
In addition, the two institutions hope to jointly execute activities that will enhance the investment relations between Zambia and Kenya, and strengthen and maintain technical cooperation in areas identified in the agreement.
The identified areas of collaboration include investment promotion and business facilitation, information exchange, collaboration and exchange programs, organization of events and aftercare facilitation.
In the area of investment promotion, the two parties agreed to facilitate and aid investors from the country of one party desiring to invest in the country of the other party.
Further, the parties will focus on both outward and inward foreign direct investment between both countries while collaborating and assisting each other in establishing, developing and packaging investment projects in both jurisdictions.
In terms of collaboration and exchange programs, the two institutions will encourage and support the exchange of technical expertise, knowledge, and training opportunities in investment promotion, investment facilitation, investor aftercare, and policy advocacy.
The two parties will also promote the transfer of technology between the two countries in priority sectors of their economies and encourage linkages and partnerships between Small and Medium Enterprises (SMEs) from both countries.
Meanwhile, in the area of organization or business missions, the two parties will organize delegations related to investment in the country of either party and participate in exhibitions, meetings and conferences organized by either party.