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UNCTAD XV conference
Forum was established to permit Kenyans and the Barbadian counterparts to talk about the most effective practices and discuss potential business opportunities provided by investments and finance, digitalization and telecomms; travel and tourism logistics and transportation Biotechnology and organic commerce.
Forum appears to be a success and culminated in the signing of 3 agreements, including an agreement on air transport and the MoU to establish the JCT and Investment and an agreement to set up the NBG. In this SRC Trading Thoughts article, we explore the possibility of trade and business opportunities that could be possible in the expanding relations with Kenya as well as Barbados.
Current trade relations with Kenya and Barbados
According to an International Trade Center trade map, the total goods trade with Bardados and Kenya in 2020 was 69,000 dollars that’s just 0.004 percent of trade between the two countries and the bulk of imports coming from women’s clothes and textiles, as well as exports that are not specifically identified. Based on the low starting point there are numerous possibilities to boost exports and diversify in both directions.
Based on the Export Prospectus Map of the ITC
Alcohol, as and printed labels printed on labels printed on (cardboard) labels and unnatured alcohol ethyl are the ones with the highest potential to export to Barbados towards Kenya to Kenya however on the other hand, exports with the most potential to Barbados could include black tea (3kg packs) pineapple, goat meat (prepared in canned or prepared).
In terms of diversification of exports, ITC’s map of potential exports has revealed crude palm oil, that is, palm oil (excl. Crude oil) and fractions, as well as blends of fragrances that are used in food and beverages are Barbados the best option to diversify exports to Kenya and also canned or prepared tuna , oranges, along with dried or fresh, as well as broken rice from Kenya’s most efficient export diversification options.
Export diversification to Barbados.
Opportunities to trade in the emerging regions
Apart from traditional commerce that involves the trading of goods there’s a potential for growth in different fields like biotechnology , organic market and also in renewable energy sources as well as digital payments. Also, Kenya had a significant presence.
Market Data Forecast analyzes the biotechnology market globally in the field of agriculture
The amount is the amount of 39.7 billion to 2021 and expected to reach the level of 66.7 billion by 2026. Based on the U.S. Department of Agriculture’s report for 2020 on biotechnology used in the agriculture sector and livestock in Kenya and the world’s first commercial planting of Bt cotton, which is genetically engineered to be resistant to pests was planned to commence in the middle of March of 2020. Genetically modified cassava research is completed while research on the bananas that are resistant to wilt as well as sweet potato varieties that are immune to viruses is ongoing.
Kenya is also conducting animal biology research to develop vaccines, disease diagnostic test kits and trypanosome-resistant cattle, but these are still at an early stage of development. With the same issues Barbados confronts in terms of loss of crops caused by pests and climate change and animal health there is a huge opportunity to collaborate here.
A different topic of interest is the renewable energy
It was also attended by Kenya Electricity Generating Company (Ken Gen) the biggest generator of electricity in East Africa with a generation of geothermal energy (39.2 percent) and hydropower (45.3 percent) in addition to the wind (1.4 percent) and heating (14 1 percentage).
With more than 85 percent of KenGen’s installed capacity being renewable and there is an enormous possibility of collaboration to meet the renewable energy goals. Additionally, in the year 2019, Kenya was awarded international recognition for the construction of Lake Turkana Wind Power Farm the largest turbine power station located in Africa.
M-Pesa was established in a time when mobile payments were only starting to gain momentum particularly in countries in need of them Many factors made M-Pesa’s rise possible through the use of technology, the ease of a widely accessible distribution system, as well as strong partnership with banks. Through M-Pesa Global the company has launched a new product that users who have registered are now able to transfer and receive money from anywhere in the world.
Promoting better transport and logistical links
While the advancement of digital technologies may provide certain opportunities for businesses, Barbados and Kenya still need to improve their logistics and transportation systems to be able to maximize the benefits of the agreements they’ve signed.
In addition, international tourism travel to Kenya have increased by 3.9 percent from 2018, with 2.02 million people and 2.05 million by 2019. Similar to this, Barbados has seen growth in tourists and stays that last for three consecutive years . It has been home to more than 680,269 guests for stays , and 614,933 cruise tourists in 2018, according to an annual update released of BTMI.
A deal on air transport may be a breakthrough in transport and travel. This is a positive sign that two most important African logistic companies. Express Shipping and Kenya Airways and Logistics Limited were also represented at the Business Forum.
The partnership with these two companies will soon be in a position to provide the possibility of direct flights and shipping the region between Barbados along with Kenya and Kenya and Kenya, as well as eliminating transit companies who are third-party
Visa rules can make joining difficult.
The previous year, CARICOM strengthened its direct partnership with the African continent by coordinating actions concerning the purchase of COVID-19 vaccinations and then, in the last few months hosted the first Africa-CARICOM summit that took place virtually on the 7th of September in 2021.
Although there was the Pan-African spirit that connected the two regions, and showed obvious connections due to the past and the cultural connections, Africa and CARICOM Leaders did not go beyond their statements of establishing connections to trade and investment to increase the business possibilities.
Alongside the President Mottley and President Kenyatta There are two leaders who are dedicated to building lasting, concrete trade relationships with one another which will eventually result in more connections with CARICOM and Africa via an agreement dubbed”African Continental Free Trade Agreement.” African Continental Free Trade Agreement. Also, as the SRC has shown earlier in the year , with its trade relations between Africa and the Caribbean Caribbean as well as Africa Webcast Series, there are lots of options for sharing your knowledge between one another.
By convening an Business Forum to share best practices and discuss possibilities for collaboration in some of the most exciting and growing industry sectors Barbados as well as Kenya can assist other countries in following in their footsteps.