The Ministry of Investments, Trade and Industry met with the Indian High Commissioner to discuss manufacturing and investment sectors, aiming to boost industrialization, investment opportunities, and economic growth.
The bilateral talks also aim to promote Kenyan goods and services in key areas such as the Agricultural Sector, Tourism Sector and Pharmaceutical sector.
Investment, Trade and Industry Cabinet Secretary (CS) Salim Mvurya acknowledged that the Government of India and Kenya have had a long Bilateral and economic partnership that dates to more years ago.
‘The discussion was leveraging on the relationship between the two countries which aims to translate into expanded trade activities between them and also to open areas of industrialization and investments,’ explained Mvurya.
Speaking on Thursday during a press briefing at his office in Nairobi, the CS reported that the courtesy discussion meeting was a recap held by the Indian High Commissioner, her delegation together with the ministry’s deleg
ation.
He announced that the Government of India has granted Kenya 15 million dollars in credit, being administered by the Kenya Development Corporation to support Small and Micro Enterprise Development (SMEs) and more importantly, the enterprises that import machines and equipment from India as incentives and promotion.
Furthermore, Mvurya revealed that the Government of India has been critical in the pharmaceutical sector particularly in a project around Thika, an investment he maintained, is already pushing the implementation and therefore the discussions also centered on recapping on how they can accelerate the investment.
Additionally, the CS noted that the Government of Kenya has set up the incentives in areas including the EPZ and the Special Economic Zone while they have identified other areas of engagement that need an expansion on manufacturing.
‘As a result of trade issues, a joint trade committee including the technical team, will meet to discuss some of the issues that can expand trade,’ he a
dded, disclosing that there is an ongoing discussion on 250 million dollars which has been tabled and how the money can improve value addition in the Agricultural Sector while part of the fund goes to support manufacturing.
He at the same time assured the Government of India that the Kenyan government is inspired to continue the bilateral relations, noting that in the last 3 years, exports to India have increased by 50 percent and more will be worked on.
In her remarks, Indian High Commissioner Namgya Khampa reaffirmed India’s commitment to mutual growth which focuses on Agriculture and Pharmaceuticals, stating that her government has fully reciprocated the interest and the testament around growing the trade and economic partnership with Kenya.
‘We believe it is a key pillar of the engagement and we are committed to taking it forward as we look at how to step up and find neutral beneficial projects that help in the growth of this partnership which will in turn add value to the economy while working with th
e priorities of Kenya,’ explained Khampa.
The Commissioner highlighted that the Indian government is looking forward to the joint trade committee, discussing in detail on the areas that can grow trade and investments, look at how to progress them, and work together with other business stakeholders for the benefit of both countries for the future.
She noted that Agricultural, Pharmaceuticals and Manufacturing sectors are right spaces for both countries to explore, thus some of the initiatives are needed in order to make the sectors grow and be carried further in a structured manner.
Source: Kenya News Agency