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Kenya begins plans to buy fiurst commercial ship

28 August 2015, 18:16 Ken Wekesa

Nairobi - Kenya Chamber of Commerce and the Capital Market Authority have initiated talks with the intention of setting up a bond that will see Kenya buy its first commercial ship.

Kenya Chambers of Commerce Chairman James Mureu said they are also negotiating to create value addition to enable ships that dock at the port of Mombasa not go back empty as the situation has been over a period of time.

" It’s very unfortunate that ships bring commodities into the country only to leave empty form the port," he said.

He said that it’s upon the business community in Kenya to identify the areas of value addition they can engage in so as to enable Kenya export more than what they import.

He revealed that the chamber will set an arbitration centre in Mombasa and across the 47 counties in Kenya to reduce the cost of resolving business and trade disputes.

" The cost of resolving trade disputes in courts is very expensive and time consuming and that will affect business we have also had issues of lawyers conspiring to fleece the agree parties that’s why we have opted for an internal dispute resolution," said Mureu.

He added that the Kenyan business community should now focus on exporting finished products rather than raw materials.

Mureu argued Tea farmers in Kenya to not only focus on selling tea at the east Africa tea traders’ auction but focus on exporting the final product.

Also speaking at the forum, Mombasa county trade and industrialization Cabinet secretary Mohammed Abdi has urged the business community to come out and take up opportunities in the infrastructure sector and real estate in Mombasa.

Abdi said the County Government intends to raise KES 2 billion to build and open up roads in Mombasa.

" At the moment, coming into Mombasa has proven to be a nightmare, so we are now planning to raise KES 2 billion to be used to open up the infrastructure” said Abdi.

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- MyNews24

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