Kenya Hosts 2-Day World Chamber Federation Summit for First Time in Africa
- The Kenya National Chamber of Commerce and Industry (KNCCI) is hosting the World Chamber Federation (WCF) summit in Nairobi
- The summit happening in Nairobi on Wednesday, March 9, will end on Thursday, March 10, and brings together business leaders across the world
- The event happening in Africa for the first time since its inception in 1975 will converge hundreds of delegates from 70 countries
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Bonface Kanyamwaya, a journalist at TUKO.co.ke, has more than 10 years of financial, economy, business, markets and aviation expertise, providing insights into Kenya and global trends.
The Kenya National Chamber of Commerce and Industry (KNCCI) is hosting the World Chamber Federation (WCF) summit in Nairobi, bringing together business leaders across the world.
Source: Twitter
The event, happening on Wednesday, April 9 and Wednesday, April 10, will be happening on African soil for the first time.
It will bring together global and regional stakeholders in trade, investment, and development to craft actionable strategies that will define Africa’s economic destiny.
"We know that Africa faces a big challenge of a financial gap of $ 100 billion (KSh 12.9 trillion) annually, while governments build physical infrastructure, as Chambers of Commerce our focus is to form trusted networks enabling trade despite the physical limitations in terms of logistics in Africa, provide business intelligence information so that MSMEs can be able to trade across Africa and globally, and distribution solution mechanisms which KNCCI is best known to solve trade disputes,” said KNCCI president Erick Rutto in a press statement which was seen by TUKO.co.ke.
The event that will bring together delegates from 70 countries across the world is happening under the theme, Africa Global Future: Integrated, innovation and Sustainable.
Key areas of discussion
Rutto said the delegates will engage in transformative dialogues aimed at reshaping Africa’s economic narrative and positioning the continent as a key player in international trade.
At the heart of these discussions is the African Continental Free Trade Area (AfCFTA) — the world’s largest free trade area by number of participating countries.
The summit will also explore ways to unlock AfCFTA’s full potential, enabling integration into global value chains and providing access to Africa’s rapidly expanding consumer market, projected at $3.4 trillion (KSh 439 trillion).
“Chambers of Commerce are indispensable because they bring a proactive and a solution-oriented perspective thus the KNCCI and World Chamber Federation serve as vital bridges between government and enterprise helping businesses navigate risks, unlock opportunities and expand into global markets.
"Their advocacy and support empower local entrepreneurs to think globally and act boldly. In Kenya, we fully embraced this transformation and in 2022, 41% of our exports were destined for African countries. Our manufacturers and tech start-ups are expanding across the region demonstrating our strong conviction that Kenya’s and Africa’s fortune lies in intra-trade,” said President William Ruto in a separate statement.
Source: Twitter
William Ruto officially launches World Chamber Federation
The event, which was officially opened by President William Ruto is co-hosted by the International Chamber of Commerce (ICC), the world’s largest business organisation, representing more than 45 million companies across over 100 countries.
The WCF, a division of ICC, connects over 12,000 chambers of commerce worldwide, promoting collaboration, innovation, and inclusive growth.
10% export tariff on Kenyan goods by US
The event is happening in Nairobi at a time TUKO.co.ke reported that KNCCI plans to work with the state and come up with opportunities to compensate for the 10% tariff increase by the American government.
This is after US president Donald Trump have imposed a 10% export tariff on Kenya and other countries which have been exporting their goods in the nation tax- free.
The Kenyan government has accepted the tax raise, saying it's an opportunity for the country.
Proofreading by Asher Omondi, copy editor at TUKO.co.ke.
Source: TUKO.co.ke
