Nairobi: Representatives from Kenya and Hungary have concluded deliberations for the second Joint Economic and Technical Committee meeting held in Nairobi. Led by the Principal Secretary of the State Department of Trade, Regina Ombam, and the Hungarian State Secretary for Foreign Affairs and Trade, Tristan Azbej, the duo who co-chair the meeting enumerated the importance of establishing a structured setting to enhance bilateral trade and economic ties between the two countries.
According to Kenya News Agency, the meeting explored areas of mutual cooperation, including water management and irrigation, agricultural value addition, energy, trade and investment, high technology, and healthcare. Other areas discussed were higher education, youth affairs and the creative economy, culture, humanitarian assistance, and international development.
Speaking after the meeting, Ombam acknowledged the long-lasting bilateral ties between Kenya and Hungary dating back to 1964. She emphasized the importance of strengthening relations in key areas to accelerate economic growth and create additional job opportunities, thereby elevating Kenya's Bottom-Up Economic Transformation Agenda.
Ombam added that the two nations will align their bilateral relations to the multilateral arrangements between the European Union and the East African Community. She highlighted the potential to enhance trade through value-added industries and services, moving beyond traditional goods like cut flowers, coffee, and tea.
She also mentioned three Memorandums of Understanding (MoUs) between Kenya and Hungary in health, education, and agriculture and water management. Ombam explained that Hungary has been investing heavily in Kenya, particularly in education, with scholarships for Kenyan students to study abroad, thereby expanding Kenya's knowledge base and competitiveness in trade.
Echoing her remarks, Tristan Azbej noted that there is much room for improving trade volumes between Kenya and Hungary. He emphasized Hungary's offer of technology and expert know-how in various industries and expressed interest in widening sectoral investments.
Azbej pointed out Hungary's openness to foreign direct investment from Kenya, highlighting its investment incentives, skilled labor force, and access to the EU market under the Kenya-EU Economic Partnership Agreement. He noted that a Hungarian business delegation in Nairobi held successful forums with Kenyan companies in various sectors, reflecting the potential for growth.
He mentioned that last year's trade volume was over 20 million US dollars, marking a significant increase from the previous year, indicating rapid growth in bilateral trade relations.