India is the second largest investor in Kenya with a worth of about USD 3.5 Billion.

Kenya is exploring methods of accelerating direct investments in expertise, analysis in medication, agriculture and different sectors from India to create extra jobs and alternatives for the youth.

Talking when he acquired India’s Parliamentary delegation led by the Speaker of the Decrease Home Mr Om Birla at his Harambee Home Annex workplace, Deputy President Rigathi Gachagua mentioned Kenya has loved longstanding ties with the Asian county, and there may be have to deepen commerce ties for mutual profit.

“The medical  services  in India have helped many Kenyans. We welcome you to arrange industries and analysis establishments to create jobs for our youth,” the Deputy President mentioned.

Gachagua mentioned the Kenyan embassy in New Delhi shall be tasked with advertising and marketing the funding alternatives in Kenya, particularly in expertise, agriculture and different types of innovation.

Birla mentioned India is quickly rising in expertise, extra so in protection, infrastructure growth, subsequently, it is a chance for additional collaboration between the 2 nations.

Commerce between Kenya and India grew from Sh97.44 billion in 2008 to Sh241.43 billion in 2021. Kenyan exports to India stood at Sh10.42 billion in 2021.

The products included dried leguminous greens, carbonates, tea, wool, scrap metallic, waste and scrap copper, zinc articles, treasured and semi-precious stones espresso, amongst others.

In the identical 12 months, India’s exports to Kenya had been valued at about Sh231.01 billion. The imports to Kenya included medicaments, petroleum oils, semi-finished merchandise of iron or non-alloy metal, bikes, rice, motor autos paper and paper board, tractors, ethylene, polymers, amongst others.

On this regard, the Deputy President famous the necessity of exploring extra collaboration and partnership for mutual profit.

“We have to strengthen our ties to take care of the present imbalance, which is in favor of India,” Gachagua mentioned.

The decision for extra funding from India falls inside the Kenya Kwanza Plan of industrialisation as one of many methods of making alternatives for the greater than 7 million job seekers within the nation.

Funding in expertise can also be poised to drive the digital financial system, which is central to President William Ruto’s administration.

Greater than 60 firms from India have penetrated varied sectors in Kenya comparable to manufacturing, actual property, prescribed drugs, Telecommunication and knowledge expertise, banking and agriculture.

This makes the nation the second largest investor in Kenya with a worth of about USD 3.5 billion.

The Speaker invited Gachagua, for a go to to India for deeper engagements for additional collaboration alternatives.