Kenya and Iran are embarking on a fresh approach to enhance their trade relationship, following President Ebrahim Raisi’s visit to Nairobi. During the visit, President Raisi and President William Ruto signed 22 memorandums of understanding and agreements aimed at boosting bilateral trade.
These memorandums of understanding and agreements encompass various sectors including agriculture, livestock, culture and heritage, information, ICT, fisheries, housing, urban and metropolitan development.
As part of the trade collaboration, Iran intends to establish the Iran House of Innovation and Technology in Nairobi, which will serve as a hub for both countries’ businesses. This center will facilitate access to Iranian technologies, skills, and information, offering a unique advantage for the prosperity of both nations, as stated by President Ruto.
President Raisi emphasized that more Iranian companies will establish a presence in Kenya, capitalizing on the country’s strategic position as a gateway to other regional markets such as the EAC, Comesa, and the African Free Continental Trade Area.
According to data from the Kenya National Bureau of Statistics, the total value of trade between Kenya and Iran was estimated at Sh9.3 billion in 2022. Kenya primarily exports tea, coffee, fruits, fish, and textiles to Iran, while importing chemicals, fuels, and plastics.
Both leaders acknowledged that although the current trade volumes are relatively low, there is significant potential for growth. Kenyan exports to Iran have increased from Sh2.2 billion in 2018, while imports have been declining from Sh10.4 billion five years ago.
