ICBC pledges to scale up investments in Kenya

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China's largest bank on Tuesday pledged to scale up investments in Kenya by bringing money as well as Chinese investors to invest to the East African nation.

The Industrial and Commercial Bank of China (ICBC) chairman Jiang Jianqing who met with Kenya President Uhuru Kenyatta in Nairobi said he was impressed by the progress Kenya has made in the recent past.

"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 according to a statement issued after the meeting.

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

The ICBC chairman who has been in Nairobi to attend China-Africa Entrepreneurs Forum which brought together over 100 participants from Kenya and China said it was the first time ICBC bank officials had come to Kenya and they were impressed.

Jiang said Kenya's economy was making impressive progress and the legal system is favorable for investors, adding that the bank will also push to have more Chinese tourists come to Kenya.

Speaking during the meeting, Kenyatta said the East African nation'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," he told the ICBC officials.

Kenyatta 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.

With an asset base of more than 3.3 trillion U.S. dollars, ICBC stands out as the world's largest bank. The bank realized a profit of 44 billion dollars last year alone.

The Asian tiger has emerged as one of Kenya's leading trading partners over the past two decades.

Data from the Chinese embassy in Nairobi indicates that in 2014 total bilateral trade between Kenya and China reached 5.09 billion dollars, a 53 percent increase from the previous year.

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