Kenya seeks Indian investments in African market
The Dollar Business Bureau
Pitching Kenya as a safe and lucrative investment destination, Kenyan President Uhuru Kenyatta urged Indian businesses to invest in the country and use it as a launchpad to explore Africa’s enormous markets.
Addressing a business gathering in Delhi, Kenyatta said Kenya is looking to explore potential agreements with the Indian government to securing a place for Kenyan pulses in the Indian market.
On Thursday, Kenyan President met Prime Minister Narendra Modi to discuss bilateral economic and trade relations. India also has decided to extend a Rs.100 million Line of Credit to Kenya for agricultural mechanisation.
Kenyatta said India and Kenya are working towards forging closer collaboration between the Bureau of Indian Standards.
"I believe this will eliminate a lot of problems that have existed in the past and also result in greater alignment between our two countries in terms of standardisation, conformity assessment, certification as well as testing. This would lead to considerably reducing some of the non-tariff barriers that are currently impeding trade between our two countries. I am confident that once this is done trade flows will see a significant boost,” Kenyatta said.
Expressing concerns over the rising trade deficit, which is in India’s favour, Kenyatta said: "India is our second largest source of imports. The balance of trade is currently weighed heavily in India's favour. I would encourage Indian investors to work and cooperate closely with their Kenyan counterparts, especially those in the private sector."
Last year, India’s Prime Minister Narendra Modi undertook a state visit to Kenya, which according to the Kenyan President, has given impetus to India-Kenya bilateral economic relations.
Kenya also urged Indian companies to invest in the country, especially in the fields of agri-business, blue economy, cotton, fertiliser manufacturing, manufacture of medical equipment, pharmaceuticals, as well as textile industry," Kenyatta said.
The joint business council and the joint technical committee would bolster bilateral trade relations and push cooperation in fields of agriculture, bilateral investment, energy, entrepreneurship, infrastructure development, health and SMEs.
"Kenya's position in East and Central Africa is conducive for investors to use Kenya as a launchpad to penetrate the enormous markets of Eastern, Central and Southern Africa. We are making further progress in widening this market which will ultimately provide a market of over 650 million people," Kenyatta said.