The total trade between Kenya and India has been growing over the years from Sh.97.44 billion in 2008 to Sh.176.4 billion in 2017.
Last year, Kenya’s exports to India amounted to Sh. 6 billion while it imported goods worth Sh.170.41 billion from India.
Speaking during the signing of a Joint Trade Committee Memorandum, Industry, Trade and Cooperatives Cabinet Secretary, Peter Munya said that despite the balance of trade remaining in favour of India, the country is an important partner and falls within the category of the top ten major trading partners of Kenya.
The two countries have agreed to cooperate in developing the blue economy through the existing Indian Ocean Rim Association framework, he said.
Kenya, he added, is looking out for possibilities of creating a global trade chain platform that will see both countries benefit.
The CS noted that the just concluded Joint Trade Committee meeting of thetwo states held this week has identified various areas of cooperation that business persons from both countries can utilize.
I therefore encourage the private sector to work together with various government agencies to achieve this and further grow trade and investments between our countries, he said.
Munya noted that the private sector has been recognized as one of the main drivers of economic growth and the government has formulated business friendly policies to support growth of the sector.
He called upon businessmen from India to consider investing in Kenya so as to tap into the regional EAC and COMESA markets and the Continental Free Trade Area (CFTA).
The CS noted thathe appreciated support given by India in construction of a cancer center and also its willingness to train medical personnel and extend a grant of S00 million to Kenya to develop the cancer center as well as provide medical equipment.
On his part, the Indian Minister for Commerce and Industry, Suresh Prabhu said they were ready to provide holistic solutions to enable Kenya achieve the Big 4 agenda.
The Joint Trade Committee memorandum was driven by the Big four agenda that Kenya is planning to achieve, he said.
Both sides agreed to implement the MOU on agriculture, fisheries and livestock signed in 2017 to actualize the agreed areas.
In the Joint Communique, India also agreed to consider Kenya’s request for customized training, Development of Centers for SMEs, Technology entrepreneurship development centers and vocational training.
Meanwhile, Kenya has agreed to the request of India to promote Indian investment in Kenya’s Special Economic Zones to enjoy the benefits of manufacturing in leather, automobile assembly and textiles among others.
Kenya would also tap into India’s well-developed plastic sector to manufacture plastic products, textile fibres and road construction.
Source: Kenya News Agency