India through the Confederation of Indian Industry (CII) has launched a business council to grow its investments in Kenya.
The India-Kenya Business Council (IKBC) seeks to provide a platform to all Indian companies to strengthen their presence and promote India’s investment in the country.
The council will act as a bridge to exchange information on business, import-export, joint ventures, technology transfers, contract manufacturing tie-up and investment promotion in both countries.
Speaking during the India-Kenya business forum in Nairobi, India’s minister of state for external affairs and parliamentary affairs V. Muraleedharan, said Kenya's strategic geographical location and robust infrastructure, serves as a vital springboard for the East African region.
“It offers unparalleled access to regional markets, fostering trade and investment,” Muraleedharan said.
“I am aware that doing business in Kenya is not only catering to the market of about 54 million Kenyans, but also reaching out to the whole of East Africa, with over 300 million population.”
Trade CS Rebecca Miano welcomed the move and urged traders to take full advantage of the economic cooperation and organise activities that promote trade.
“We recognise India's milestone in the fields of ICT, pharmaceuticals, manufacturing, infrastructure and agriculture. These are also areas of top priority in our country, we therefore both have great opportunities to collaborate and learn from each other’s experience in these sectors,” Miano said.
The forum pointed out the opportunity that comes with the youthful population of both countries, terming it a promising investment tenet.
India is among homes to the world's largest youth population, with over 65 per cent of its citizens below the age of 35 whereas Kenya has about 75 per cent of its population below the age of 35.
As of 2022, the trade balance, which stood in favour of India, was Sh211.42 billion.
Data by Statista shows Tanzania received the highest Indian exports in the 2023 financial year in the East Africa region, with Kenya coming in second.
Inflows to Kenya amounted to $3.3 billion (Sh502.7 billion).
Exports from Kenya to India include, soda ash, vegetables, tea, leather and metal scrap.
Kenya mainly imports petroleum products, pharmaceuticals, steel products, and machinery and power transmission equipment from India.
