Kenyan president urges Kenyans to exploit expanded regional markets

Kenyan President Mwai Kibaki on Wednesday urged investors to exploit expanded regional markets created by neighboring countries emerging from conflicts.

President Kibaki said Kenya has made considerable investment in the peace processes in Somalia and Sudan, saying the dawn of peace in the two countries represents immense economic opportunities for the relatively safety country.

He challenged Kenyans to venture beyond the Kenyan borders and exploit available business opportunities, especially within the East African Community (EAC) market and the wider Common Market for Eastern and Southern Africa (COMESA) region.

"The time to reap the peace dividend in the region is now. I urge the Kenyan business community to venture to the two countries to take advantage of the opportunities that are opening up. The government will provide the needed support," he added.

Speaking during celebrations to mark the 10th anniversary of sole tax collector, Kenya Revenue Authority (KRA), the Kenyan leader said his government will open a consulate in southern Sudan before the end of this year to assist traders willing to invest in the vast region that is undergoing reconstruction after more than two decades of civil war.

He said expanded regional trade will mean an expanded tax base and raise more resources for development, saying that was the only way to meet the cost of the country's development projects without over-reliance on external funding.

"We have decided to open a Kenyan consulate in Juba, which will become fully operational before the end of the year. The consulate will coordinate our activities in southern Sudan," President Kibaki said.

The east African nation, a member of a regional grouping, the Inter Governmental Authority on Development (IGAD) hosted protracted talks between Khartoum government and southern main rebel group, Sudan People's Liberation Movement (SPLM) that culminated in the January landmark peace agreement, ending 21 years of fighting and leading southern Sudan to gain a considerable degree of autonomy from Khartoum.

Source: Xinhua