Chinese ready to invest in Kenya

World’s largest bank, the Industrial and Commercial Bank of China (ICBC), has pledged more investments into the country.

Speaking after meeting President Uhuru Kenyatta at State House on Tuesday, ICBC chairman Jiang Jianqing, said he is impressed by the progress in Kenya and will advise more people to invest in the country.

“We are impressed by the progress going on in Kenya and we will bring more Chinese investors to Kenya. Kenya is not only the fastest growing economy in Africa, it also leading in the world,” he said.

Mr. Jiang was accompanied by top officials of the bank and members of the China Entrepreneurs Forum of Yabuli, which brings together the wealthiest of the Chinese business community.

He said that though it is the first time ICBC bank officials had come to Kenya, he has noticed great improvement in the country’s economy and legal systems that are favourable for investors.

He further noted that the bank will push to have more tourists from China visit the country to enjoy the numerous tourist attractions on offer.

President Kenyatta said Kenya’s doors are open to investors as long as the ventures are of mutual benefit.

“We are open for business and our only formula is that it must be on a win-win basis,” said the President.

The Head of State said it was time for the economic partnership between Kenya and China to move from the government to government level to the level of companies.

He urged Chinese investors to look for Kenyan companies and individuals to partner with as they seek to invest in Kenya’s growing economy.

“It is the people to people links that are fundamental to the strength of our relationship,” said the President.

The Chinese delegation had on Monday held a full day meeting with Kenyan entrepreneurs under the guidance of Cabinet Secretaries Aden Mohamed (Industrialisation) and Henry Rotich (National Treasury).

With an asset base of more than 3.3 trillion US Dollars, ICBC stands out as the world’s largest bank.

The bank realized a profit of 44 billion US Dollars last year alone.

Others present at the meeting include Chinese Ambassador to Kenya Mr Liu Xianfa and CfC Stanbic bank chairman Fred Ojiambo.