By MKT Reporter
The Ministry of Investments, Trade, and Industry met with the Indian High Commissioner to discuss manufacturing and investment sectors, aiming to boost industrialisation, 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 Salim Mvurya acknowledged the long-standing bilateral and economic partnership between the two countries.
“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 industrialisation and investments,” explained Mvurya.
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.
Mvurya revealed that the Government of India has been critical in the pharmaceutical sector, particularly in a project around Thika, an investment he maintained that is already pushing the implementation, and therefore the discussions also centred on recapping on how they can accelerate the investment.
Kenya has set up incentives in areas like the EPZ and the Special Economic Zone, and identified areas of engagement needing expansion in manufacturing.
A joint trade committee, including the technical team, will meet to discuss trade issues and expand trade.
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 the priorities of Kenya,” explained Khampa.
Martin Masinde