Kenya-India Strengthen Business-Deals

The Kenyan Government has partnered with Rajasthan Association of Kenya (RAK) traders and investors to showcase opportunities for business in several sectors, including agriculture, agro processing, and the manufacturing of items from several other industries. The Government has prioritized a number of business-oriented areas as core propellers of economic prosperity, which is poised to help the Government in its Bottom-up Economic Transformational Agenda. Prime Cabinet Secretary Musalia Mudavadi said that the Expo is a powerful marketing tool that provides a platform for Indian businesses and companies to showcase their products and services, therefore enhancing their brand image and visibility. In a speech read on his behalf by Parliamentary Affairs Principal Secretary, Aurelia Rono during the Indo-East Africa Trade Expo 2023, Mudavadi cited one of the challenges for nations across the globe: how they provide opportunities for their citizens to lead decent lives and contribute to the economic development of their countries. ‘This challenge is confronted through a myriad of initiatives such as social welfare, encouragement of private sector business, and connections for their people,’ added Mudavadi, while commending the partnership effort between the RAK, the Federation of Rajasthan Trade and Industry (FORTI), and the Rajasthan Export Promotion Council (REPC). The Prime CS added that India and Kenya are maritime neighbors, and the bilateral partnership between them has evolved into a robust and multi-faceted partnership marked by increasing trade and investment, regular high-level visits, and extensive people-to-people contacts. ‘Trade relations have remained cordial over the years, and both countries have signed agreements on the promotion and protection of trade and investments, such as the India-Kenya Trade Agreement signed in 1981, under which both countries accorded Most Favored Nation (MFN) status to each other,’ he reiterated. Mudavadi observed that Kenya’s Economic Blueprint envisions ‘a newly industrializing, middle-income Country, providing a high quality of life to all its citizens in a clean and secure environment, followed by a number of India-Kenya Joint Trade Committee (JTC) meetings, the signing of a bilateral Double Taxation Avoidance Agreement (DTAA), the setting up of a Joint Business Council (JBC), as well as the signing of various Memoranda of Understanding (MOUs). He assured that the Government is committed to making Kenya an attractive investment destination in various sectors and has put in place incentives to attract foreign businesses since Kenya is a free market economy that is democratic with a well-developed legal system guaranteeing the security of property rights. ‘The country has a relatively well-developed manufacturing base in the Eastern African region. Thus, exposure of Kenyan investors to the agricultural and industrial sectors in India is an investment opportunity to boost the economy and market for Kenyan products,’ stated Mudavadi. At the same time, the High Commissioner of India to Kenya, Ms. Namaga C. Khampa, said that the increase of Indian businesses in Rajasthan strengthens economic interaction with their counterparts in Kenya. She added that the collaboration reflects the vibrancy, economic activities, and outcome visions of the companies from India and Kenya. ‘The economic engagement that we have had in history has endured for some time, continues to propel our ties, and remains our defining pillar of our contemporary partnership, ‘said Khampa, adding that Kenya is among the largest trading partners for India in Sub-Saharan Africa. She further said that India is among the top three sources of Direct Foreign Investment (FDI) into Kenya across other sectors. Khampa underscored that India recognizes Kenya as the largest regional and economic business hub in East Africa and the gateway to other countries in the region.

Source: Kenya News Agency