Is Chinese investment in Kenya on the rise?

04/05/2011 - Kenya property & investment news
Is Chinese investment in Kenya on the rise?

Chinese investment in Kenya appears to be on the up as the African country's Co-operative Bank is seeking to recruit Chinese-speaking executives.Reports in Business Daily Africa revealed that the bank is keen to take a share of the growing trade volumes between the two countries.To do this, it hopes that Chinese-speaking relationship managers would boost the bank's foreign exchange and cash management business within the oriental business community.Paul Mwai, chief executive of African Alliance Kenya Management Company, told the news source: "Chinese investors are doing a lot of business in the country and they need a financial institution to handle forex transactions and manage incoming cash, for example, through short-term investments."Kenya's economy has received massive investments from China over the past five years.In addition to this, trade between the two countries has more than doubled to Sh77 billion in 2009 from Sh24.2 billion in 2005.