Last week, (Friday 1 December) the British Chamber of Commerce Kenya (BCCK) and Jersey Finance collaborated on an exclusive evening reception held in Nairobi. The event captured the growing ties between the United Kingdom, Jersey (Channel Islands) and Kenya, as well as the strong links between the City of London and Jersey.
The event marks the commitment to supporting new and critical waves of investment into Africa – attracting capital to the continent and creating jobs. Speaking during the event, Mr Faizal Bhana, Jersey Finance Director – Middle East, Africa and India, said:
Africa is a key part of Jersey Finance’s strategy, and East Africa is a focus region for us. Kenya, as the largest economy in East Africa, is an important jurisdiction for Jersey.
Over many decades, Jersey’s international finance centre, has built strong connections with Africa by supporting both inbound and outbound investment for private and institutional investors. Many businesses in Jersey have existing relationships on the continent.
Director – Middle East, Africa and India, Jersey Finance
Kenya is the business hub of East Africa, boasting a track record of strong macroeconomic growth across multiple sectors. More than fifty finance firms in Jersey are already working with clients and businesses in Africa. Commenting during the event, Farida Abbas, CEO, British Chamber of Commerce Kenya, said that the partnership is significant as it will enhance connectivity.
The British Chamber has experienced significant growth over the years. We line up a series of networking events such as this most recent one held with Jersey Finance, trade missions, and other activities for our members in Kenya.
Just recently, we, together with Kenya’s Ministry of Investments Trade and Industry (MITI) signed a Memorandum of Understanding to promote market access and business integrity. An expression of our dedication to Kenya and its financial growth.
Kenya and the United Kingdom have good working relations in international fora. Data shows that the United Kingdom is the largest European foreign investor in Kenya. Currently, there are about 150 British investment companies based in Kenya, valued at more than £1.28 billion.
This proves the United Kingdom’s relationship with Kenya is a strategic one, based on deep respect, partnership and mutual interest. The keynote speaker, Mr Isaac Kahara, Country Head for the East African region at UK Export Finance emphasised the strategic partnership that relates to our people, our mutual prosperity, security and stability, climate change and sustainable development, including supporting British nationals and businesses.
As a result of these discussions, it was clear Jersey’s IFC, through its collaborative relationship with partners in the City of London, has much to offer the new generation of business owners emerging from East Africa.