African Heads of State set to sign TICAD MOU to boost trade

Several MOUs have been signed as more than 20 African countries convene in Nairobi for the sixth Tokyo International Conference on African Development (TICAD) – a function that is taking place in Africa for the first time.

With more than 27 heads of states currently in Nairobi attending the summit, a declaration is expected to be adopted on 28th August.

The document is expected to include pandemic prevention measures and call for high-quality infrastructure, a necessary engine for African development.

22 Japanese companies and organizations, 6 regions and international institutions are expected to attend the MOU signing ceremony.

The declaration is expected to emphasize the industrialization of the African economies and counter terrorism measures, a major shift from the framework focused on official development assistance

Speaking during the official opening the TICAD 6 summit, President Kenyatta said Kenya is looking to strengthening regional and international ties through facilitating free movement of cross border trade.

“We will continue to strengthen regional and international ties and facilitate free movement of people goods and investments, including pressing for the removal of tariff barriers to trade and that continues to deny Africa the opportunity to true integration and development,” he said.

Some private investors from Japan cited tough regulations and high taxation as some of the challenges the face as they transact business on the continent.

The Japanese Prime minister Shinzo Abe says more than 100 Japanese investors in the country will benefit from elimination of double taxation and tough rules hindering the investors from achieving its goals

“Kenya and Japan will sign an investment agreement during my visit here. We will also be initiating negotiations on a tax treaty,” said the Japanese Prime minister.

Japanese government has pledged to spend over 30 billion US dollars in Africa to develop on infrastructure, human resources and continuous development