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TradeMark Africa to get Sh3.3bn European Union funding
Friday February 24 2023
David Beer is TradeMark Africa’s, Chief Executive Officer. FILE PHOTO | COURTESY
The European Union has announced €25 million (Sh3.3 billion) in funding to TradeMark Africa for a five-year programme focused on solving Kenya’s supply chain hitches, storage and logistic challenges.
TMA is a trade aid agency that has been helping in the integration of the East African Community (EAC) by supporting cross-border trade since 2010.
The Nairobi-based agency also works with regional intergovernmental entities to grow trade.
The Business Environment and Export Enhancement Programme (BEEEP) seeks to build interventions already supported by the Government of Kenya that seek to grow the country’s horticultural exports.
At the heart of its strategy is a plan to rectify Kenya’s skewed trade balance through export growth, factor productivity, stimulating economic development and job creation, in an inclusive and sustainable way.
“We are happy to support the Kenyan government in achieving a sustainable growth of its exports, including greening of transport and logistics,” said European Union Ambassador to Kenya Henriette Geiger.
The funding will be channelled through TradeMark Africa (TMA), formerly TradeMark East Africa to enable Kenya to expand and green her export base.
In Kenya, TMA is known for setting up the Kenya Revenue Authority Integrated Custom Management System (iCMS) which has reduced clearance time for air freight from an average of two days to two-three hours as of 2021.
TMA chief executive, David Beer said Kenya’s export growth has been consistently strong over the years with horticulture export having the greatest potential.
“The opportunities in the next 10 years will come from developing low carbon supply chains, enabling Kenya to take a larger share of world markets,” he said.
BEEEP’s plan will include increasing the supply of locally produced goods that meet export market requirements, reducing trading times and costs, and helping shift export supply chains from air freight to sea freight.
