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ZDA, Kenya Investment Authority pen five year deal

• Objectives of the MoU include leveraging on parties’ resources in promoting Foreign Direct Investments.
• The two institutions have established a practical framework for the development of a stronger business relation.

Zambia Development Agency (ZDA) says it has sealed a five year Memorandum of Understanding (MoU) with Kenya Investment Authority (KenInvest) aimed at enhancing cooperation of the two institutions in investment promotion and exchange of investment related information.
In a statement, Agency Acting Manager, Communications and Public Relations Russel Haamubbi said 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.
Mr. Haamubbi explained that through the agreement, the two institutions have established a practical framework for the development of a stronger business relation and strengthening of institutional relations and capacity building through mutual cooperation.
He added that the two institutions hope to jointly execute activities that will enhance the investment relations between Zambia and Kenya, strengthen and maintain technical cooperation in areas identified in the agreement.
Mr. Haamubbi said the identified areas of collaboration include investment promotion and business facilitation, information exchange, collaboration and exchange programmes, organisation 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 Programmes, 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,” Mr. Haamubbi said.
He further stated that 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.
“In the area of Organisation of Business Missions, the two parties will organize delegations related to investment to the country of either party and participate in exhibitions, meeting and conferences organised by either party.”

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