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Kenya, India vow to scale up economic cooperation

Xinhua, July 12, 2016 Adjust font size:

Kenyan President Uhuru Kenyatta and Indian Prime Minister Narendra Modi resolved on Monday to facilitate the two countries' business communities to scale up the economic cooperation.

Speaking at the Kenya-India business forum in Nairobi, Kenyatta encouraged more Indian companies to invest in Kenya to bridge the trade imbalance that is in favour of India.

The Kenyan leader urged India to open its market to Kenyan goods and also support value addition, noting that Indian companies could access unexploited opportunities in Kenya through partnership with Kenyan companies, public-private partnership or on their own.

Kenyatta said companies that have set up shop in Kenya can testify that the country is open, safe and ideal for local and foreign business and investment.

He added that his government has put in place business-friendly reforms that are supported by wide and expansive local, regional and international markets.

"It is time to partner with Kenya so that India's products, services and firms can find markets right across Africa. I would like to encourage more trade and, indeed, a deeper partnership between Kenya and India investors," he said.

Kenyatta encouraged collaboration between the two countries' trade and investment institutions.

"Such collaboration would definitely hasten information exchange on trade and investment, and also facilitate transfer of technology," Kenyatta said.

He cited agribusiness, textiles, tourism, manufacturing, wholesale and retail business, distribution, mining, health and pharmaceutical manufacturing, export processing zones and construction as the areas that could be tapped.

The two leaders cited the historic trade and business ties between the two countries and rooted for the entrenchment of a "win-win" partnership.

"We have worked together in the past in many areas; we have to work closer now for the benefit of the people of our two countries," said Modi who was accompanied by a delegation of 80 business persons.

He gave an assurance of his government's support to make Kenya a regional hub in health provision, saying the two countries will work together in harnessing solar energy, saying it is a good strategy in providing electricity to rural villages.

"I am aware that Kenya lays great emphasis on solar energy. We are expanding the same form of energy, and together we can achieve more in this area," the PM said.

The Indian PM also said he looked forward to the two countries collaborating in the exploitation of their maritime resources. Endit