Kenya is looking for ways to increase direct investments from India in technology, medical research, agriculture, and other industries in order to increase employment prospects for young people.
Deputy President Rigathi Gachagua said Kenya has enjoyed long-standing ties with the Asian nation and that there is a need to deepen commercial ties for mutual benefit as he welcomed India's parliamentary delegation, which was led by the Speaker of the Lower House Mr. Om Birla.
Many Kenyans have benefited from the medical services provided in India. The Deputy President remarked, "We encourage you to establish companies and research centers to create jobs for our youth.
Gachagua stated that the marketing of investment prospects in Kenya, particularly in technology, agriculture, and other types of innovation, will fall under the purview of the Kenyan embassy in New Delhi.
According to Birla, India is developing its infrastructure and its technologies quickly, especially in the areas of defense. This presents a chance for increased cooperation between the two nations.
From Sh97.44 billion in 2008 to Sh241.43 billion in 2021, trade between Kenya and India increased. Kenya exported Sh10.42 billion to India in 2021.
Among the products were carbonates, carbonated beverages, carbonated water, tea, coffee, wool, waste and scrap copper, waste and scrap zinc, and dried legumes.
India sent goods to Kenya worth roughly Sh231.01 billion that same year. Medication, petroleum oils, semi-finished iron or non-alloy steel goods, motorbikes, rice, automobiles, paper and paperboard, tractors, ethylene, and polymers were among the imports to Kenya.
The Deputy President made a point in this regard of the necessity to investigate new joint ventures and partnerships for mutual gain.
To address the current imbalance, which is in favor of India, Mr. Gachagua remarked, "We need to improve our ties."
In order to provide chances for the more than 7 million job seekers in the nation, the Kenya Kwanza Plan for industrialization includes a need for increased investment from India. The digital economy, which is essential to President William Ruto's government, is also anticipated to be driven by investments in technology.
In Kenya, several industries like manufacturing, real estate, medicines, Telecommunication and information technology, finance, and agriculture have been penetrated by more than 60 Indian enterprises.
With a value of roughly 3.5 billion dollars, this places the nation as the second largest investor in Kenya.
The Speaker extended an invitation to Mr. Gachagua to travel to India for more in-depth discussions and potential future collaborations.