Libya to increase its investment portfolio in Kenya

[tolibya]

President Mwai Kibaki has asked Libyan entrepreneurs to increase their investment portfolio in Kenya and deepen the existing economic ties between the two countries.

Noting that Libya was part of the consortium that would finance the extension of the oil pipeline from Eldoret to Kampala, President Kibaki said there were still other areas that were ripe for investment in Kenya and the East African region as a whole.

The President was speaking at State House Nairobi on Monday when he held discussions with the special envoy of Libyan leader Muamar al-Qaddafi, Mr. Haji Bashir. The envoy also delivered a special message to President Kibaki from the Libyan leader.

Saying that Kenya provided a favourable investment environment, President Kibaki stated that Libyan investors could invest in tourism, energy, construction and agriculture.

The President welcomed Libya's entry into the membership of the Common Market for Eastern and Southern Africa (COMESA) trading bloc, saying the move augured well for the promotion of intra-Africa trade.

Mr. Haji Bashir expressed his country's readiness to invest in Kenya noting the country provided a good entry point to the East African region.

President Kibaki and Mr. Bashir also discussed issues concerning the July summit of the African Union that will be held in Accra, Ghana, and which will be dedicated to Union Government.

Also present were the Head of the Public Service and Secretary to the Cabinet ambassador Francis Muthaura, Permanent Secretary for Foreign Affairs Mr. Thuita Mwangi and the Libyan Charge de Affairs Mr. Hisham Ali Shariff.