Kolkata, Nov 16 (UNI) Ambassador of Kenya to India Willy K. Bett has said Kenya
offers excellent investment opportunities for Indian investors and his country is
looking forward to cooperation from India in agriculture, food processing, healthcare,
manufacturing and low-cost housing.
Speaking at an interactive session at the Merchants' Chamber of Commerce here
on Thursday, Mr Bett said Kenya had political stability and investors could take
advantage of the underserved Kenyan market that had demand for Indian products
and services which were of high quality but priced affordably.
He said the spirit of cooperation fostered by the Prime Ministers of the two countries
as well as the Indian diaspora in Kenya which is integrated in the economic and political
streams of the country paved a bright future for the relationship of the two countries.
Mr Bett said the Kenyan government was seeking investment in agriculture as its
primary focus was ensuring food security for its people. In order to achieve this, it
needed equipment to boost the yield of small farm holdings, and Indian companies had
plenty of scope in the sector.
Kenya welcomed investment opportunities both in the primary production of food and
food processing, he added.
Kenya is seeking funds for its healthcare system to offer medical facilities to a large
number of people below poverty line. Therefore, Kenya wanted to emulate Indian model
in order to reduce the cost of healthcare, he revealed.
Mr Bett said that Kenya was grappling with unemployment and wanted to increase its
manufacturing capacity, which was a very small fraction of its GDP.
He invited the real estate developers with expertise in low-cost housing as Kenya
needed one million homes.
With its abundant wildlife, tourism is a premium product of the country, he added and
urged Indian tourists to explore the huge tourism potential of Kenya. India is the third
largest source of inbound tourists to Kenya. Over 60,000 Indian tourists visited Kenya
in 2017. Kenya Tourism Board (KTB) has launched a marketing campaign in major
Indian cities to increase tourist arrivals from India. Many Kenyans visit India for medical
treatment.
India was Kenya’s largest trading partner in 2014-15 with bilateral trade of US $4.235
billion. However, for year 2016-17, bilateral trade was US $2.30 billion and for 2017-18,
bilateral trade was US $2.05 billion.
India was Kenya’s largest trade partner, but the top position is now occupied by China.
While India - Kenyan business takes place on B2B basis, China and Kenya operate also
on a government to government basis, apart from following the B2B model.
The balance of trade between the two countries is heavily tilted in India’s favour. India
and Kenya have discussed ways to reduce the Kenyan trade deficit to make economic
relations more comprehensive. Pulses are a high potential export item from Kenya to
India.
Lines of credit are available to support trade and more lines of credit are being opened.
The Treasury of Kenya and EXIM Bank of India are cooperating in this regard, Mr Bett
said.
Main Indian exports to Kenya include petroleum products, pharmaceuticals, steel
products, machinery, yarn, vehicles, and power transmission equipment. Kenyan
exports to India mainly include soda ash, vegetables, tea, leather and metal scrap.
According to the Kenya Investment Authority (KenInvest), India is the second largest
investor in Kenya. Over 60 major Indian companies have invested in various sectors
including manufacturing, real estate, pharmaceuticals, telecom, IT and ITES, banking
and agro-based industries.
UNI AND SJC BM