NAIROBI, Kenya, Kenya and Oman trade lobbies, on Monday, signed a Memorandum of Understanding (MoU), to boost trade cooperation between the two nations.

Qais Mohammed Al Yousef, chairman of Oman Chamber of Commerce and Industry, told journalists in Nairobi that, the MoU, which runs for three years, will enhance the understanding of economic opportunities, that are present in both countries.

“The overall aim is to boost bilateral trade and investment levels, which are currently below potential,” Al Yousef said, during the opening ceremony of the first edition of the Oman Product Expo. The four-day event brought over 100 firms from the gulf, to showcase goods in the energy, food engineering and health sectors.

Oman Chamber of Commerce and Industry has already signed MoUs with other African countries, such as Tanzania and Ethiopia. Al Yousef said, the MoU will form the basis of dialogue between the interaction of the business communities in Oman and Kenya. He added that, the MoU will enhance knowledge sharing on market intelligence, in the two respective markets.

He noted that Omani firms also hope to use the MoU with their Kenyan counterparts, to expand their operations into the African continent. The chairman said, Kenya is an ideal partner because it has attracted many multinational firms to set up their regional headquarters.

For his part, James Mureu, Vice Chairman of Kenya National Chamber of Commerce and Industry, said, the agreement is the beginning of enhancing and understanding of the opportunities that are present in both nations.