Can You Relate?

 
 

Connect With Us Online

 

Kenya, France seal $2.26B deals

French firms signed contracts in Kenya worth some 2 billion euros ($2.26 billion) during a visit on Thursday by President Emmanuel Macron, who wants to deepen France's economic ties with Anglophobe East

In Kenya push, France seals business deals worth over 2 bln euros
You are using an older browser version. Please use a supported version for the best MSN experience.

In Kenya push, France seals business deals worth over 2 bln euros

Reuters logo Reuters 14 hrs ago By John Irish

French President Emmanuel Macron talks to Kenya's President Uhuru Kenyatta as they leave a news conference after touring the Nairobi Central Railway in Nairobi, Kenya © REUTERS/Thomas Mukoya French President Emmanuel Macron talks to Kenya's President Uhuru Kenyatta as they leave a news conference after touring the Nairobi Central Railway in Nairobi, Kenya NAIROBI, March 14 (Reuters) - French firms signed contracts in Kenya worth some 2 billion euros ($2.26 billion) during a visit on Thursday by President Emmanuel Macron, who wants to deepen France's economic ties with Anglophobe East Africa.

Macron's visit to Nairobi is the first by a French president since Kenya won independence from Britain in 1963 and follows stopovers in Ethiopia and Djibouti - all countries where China has moved in aggressively and presents stiff competition.

At a ceremony with Kenyan leader Uhuru Kenyatta, a consortium led by Vinci secured a 30-year concession worth 1.6 billion euros to operate a highway linking the Kenyan capital and Mau Summit in western Kenya.

Renewables firm Voltalia sealed a 70 million euro contract for a solar power plant while an Airbus-led consortium won a 200 million euro deal for coastal and maritime surveillance. Total is finalizing terms on a second solar plant.

"In Kenya there is an economic opportunity and it's within the president's strategy in France to look at not just Francophone Africa, but Anglophone Africa too," said a French presidential source.

During a four-day trip to East Africa, Macron has vaunted France's soft power in culture and education and its military know-how to woo deeper partnerships.

Kenya is east Africa's most advanced economy with a liberal business environment and entrepreneurial culture. French businesses however account for just a 1.4 percent market share.

Related Slideshow: News in Pictures (Provided by Photo Services)

French exports to Kenya in 2017 amounted to between $170 million and $225.80 million, while China, Kenya's number one trading partner, exported goods worth $3.8 billion.

"France has supported Kenya for several years in development projects ... but we are not sufficiently economically and industrially," Macron said on Wednesday night in a news conference with Kenyatta.

France also faces competition from other European allies, including Britain which is seeking to revive its trade relationship with its former colony as it prepares to leave the European Union.

Kenyatta, who took Macron for a drive around the grounds of State House in a Kenyan-assembled Peugeot car, said he hoped France would become a more important trading partner. ($1 = 0.8860 euros) (Reporting by John Irish; editing by Richard Lough)

AdChoices
AdChoices

More From Reuters

image beaconimage beaconimage beacon

Join Our FB Community

 

DOWNLOAD Our Browsing App

Advertise On Orion

Advertise : Mail :

business@theorionkenya.com

Go to top
Template by JoomlaShine