Chinese investments key to stabilizing Kenyan economy: bank executives

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NAIROBI, April 19 (Xinhua) -- Sustained capital flows and trade with China will be crucial to stabilizing the Kenyan economy amid headwinds linked to geopolitical tensions, global inflation, and high public debt, senior executives from Absa Bank have said.

Antony Mulisa, East Africa regional treasurer at Absa Bank, stressed that Kenya should leverage Chinese investments and enhance trade with the Asian nation to inject fresh vitality into the economy and spread prosperity to all citizens.

Mulisa noted that given its ongoing diversification, the Kenyan economy is likely to attract sustained investment from China, shielding it from a range of shocks like prolonged drought and supply chain disruptions linked to the Ukraine crisis.

"I see our partnership with the Chinese economy increasing and I see a situation where we are going to see a lot more trade happening between Kenya and China," Mulisa remarked during the Absa China Day held in Nairobi, the Kenyan capital, Tuesday.

He added that some of the sectors that are likely to benefit from Chinese investment include mega infrastructure projects, housing, manufacturing, health, and agriculture.

The Absa China Day which was attended by bankers and Chinese business executives aimed to spotlight investment opportunities in the local economy that guarantee long-term profits.

The event, besides highlighting investment opportunities in the Kenyan economy, was also meant to honor Chinese clients who are doing business in the East African nation, said James Agin, corporate and investment banking executive at Absa Bank.

Agin said that forging a robust partnership with Chinese investors and the business community in Kenya will inject fresh vitality into key sectors like energy and commercial real estate.

He disclosed that Absa Bank is designing products that are aligned with Chinese clients' ethos, adding that opening an office in the Asian nation is in the works to help attract more businesses and investment to Kenya. Enditem

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