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Piyush Goyal stresses on strategic partnership & multifaceted-cooperation with Kenya

Piyush Goyal stresses on strategic partnership & multifaceted-cooperation with Kenya

New Delhi, Aug 20 (UNI) Union Commerce and Industry Minister Piyush Goyal maintained that India and Kenya enjoy a close and cordial relation and underscored the friendship and solidarity, strategic partnership and multifaceted- cooperation between the two countries.

The ninth Session of the India-Kenya Joint Trade Committee (JTC) was held here on August 19-20 where the Indian delegation was led by Mr Goyal while the Kenyan side was led by Peter Munya, Kenyan Minister of Industry, Trade and Cooperatives.

Indian investments in Kenya are estimated to be over USD 3.5 billion, including some investment routed through other countries and by subsidiaries of Indian companies. Kenya ranks 70th (USD22.96 Million Foreign Direct Investments (FDI) from Kenya between April 2000 – March 2019) in the investors list in India.



Relationship between India and Kenya now evolved into a robust partnership, marked by regular high-level visits, increasing trade and investment as well as extensive people to people contacts.

Mr Munya observed that India has been a long historical trading partner of Kenya and also wished to have a fair balance of trade between the two countries. In this regard, he emphasised the need to facilitate the movement of people, goods and services based on reciprocity, according to an official statement here on Tuesday.

Both sides acknowledged that the JTC is an ideal framework for trade and economic expansion between two countries and reaffirmed their commitments to deepen the trade and economic ties further.

The two countries reviewed the developments in their bilateral trade and noted the trends since the last session of the India-Kenya JTC held in August 2018.

In 2018-19, India’s top items of exports were petroleum products, drug formulations, biological and industrial machinery for dairy, paper, paper board and products, plastic raw materials, two and three-wheelers, iron and steel, manmade yarn, fabrics made-ups, books, publications and printing, electric machinery and equipment.

On the import side, it was inorganic chemicals, pulses, coffee, drug formulations, biologicals, copper and products made of copper, wood products, aluminium, its products, tea and finished leather.

Both sides stressed the need to enhance trade relations and also to diversify the trade basket.

The two nations expressed their willingness to explore trade opportunities in sectors including manufacturing, agriculture, agro-processing, floriculture, aquaculture, Information, Communication and Technology (ICT) and in products such as base metals and articles thereof, textiles and textiles articles, vegetables and horticultural products, plastics & rubber, chemical products and machinery and mechanical appliances.

The Kenya side proposed a draft SPS protocol/agreement for India’s consideration which the Indian side took note of.

The Indian side informed that according to the Kenya Investment Authority (KenInvest), India is the second-largest investor in Kenya after the US.

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