Kuwait and Kenya have signed agreements to do away with double taxation and protection of foreign investments in a move to boost trade between the two countries.
Kenyan Ambassador to Kuwait Yaqub Alsanad said Saturday the two agreements were signed by National Treasury Cabinet Secretary Henry Rotich and the Kuwait government.
Under the agreements, Kenya and Kuwait will avoid double taxation on income and capital, and promote and protect foreign investments in the two countries.
Speaking to the Presidential Strategic Communication Unit (PSCU) in Kuwait City ahead of the two-day Arab-Africa Summit that begins on Tuesday, the ambassador said two other agreements on promotion of tourism and establishment of a joint commission of cooperation will be signed Monday in Kuwait.
He also disclosed that a meeting is planned between the chambers of commerce of the two countries.
“For twenty years, Kuwait used to import goods from Kenya something that has stopped now. The two chambers of commerce can deal with this,” he said.
The envoy said his country is eager to expand investments globally, and particularly in Kenya where diverse untapped resources and conducive business climate are ideal for partnerships.
“Kuwait has been a partner in development with Kenya, funding projects, including the Nuno-Modogashe Road, rehabilitation of Wajir Hospital and schools in Borabu, Nyamira. Kuwaiti NGOs have also set up a university in Kajiado and a college in Thika,” the ambassador said.
He praised Kenya’s intervention in Somalia, saying it has reduced piracy in the Indian Ocean by 90 per cent.
”Ships sailing to and from the Gulf can do so safely, thanks to Kenya,” Mr Alsanad said.
The ambassador said Kenya is a true friend and recalled the contribution of troops along the Kuwait-Iraq border in 1991 after the liberation of his country following the attack by Iraqi President Saddam Hussein in 1990.