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Nairobi, July 24 (IANS) Kenya on Wednesday encouraged Indian investors to set up manufacturing plants locally that will help to boost the country's exports in order to reduce the bilateral trade deficit.
Betty Maina, Principal Secretary in the Ministry of Industry, Trade and Cooperatives told journalists in Nairobi that India is one of Kenya's biggest sources of imports.
"We are seeking additional Indian investments that will enable Kenya to produce more goods that can be sold competitively to India," Maina said while hosting a high-level business delegation from India, Xinhua news agency reported.
The Indian trade mission was in Kenya to explore investment opportunities and was facilitated by the UN's International Trade Centre (ITC). It represented companies in tanning, footwear and leather goods manufacturing.
Under ITC's Supporting Indian Trade and Investments in Africa (SITA), East African nations including Ethiopia, Kenya, Uganda, Rwanda and Tanzania will receive support to boost their exports to India.
Maina said that Kenya is keen to have Indian companies form joint ventures with their Kenyan counterparts so that the East African nation can benefit from advanced expertise and technology.
Government data indicates that Kenya imported goods worth approximately 160 billion shillings ($1.6 billion) from India in 2018 and exported merchandise valued at about $60 million in the same year.
According to the Ministry of Industry, India is a key bilateral partner of Kenya because it is the third leading source of foreign direct investments into the country.
--IANS
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