In order to facilitate information sharing on business, import-export and joint ventures, the council will serve as a conduit.
Additionally, it will make information sharing easier regarding technology transfer, joint ventures for contract manufacturing, and investment promotion.
To increase its investments in Kenya, India, through the Confederation of Indian Industry (CII), has established a business council.
The India-Kenya Business Council (IKBC) aims to give all Indian businesses a stage on which to expand their footprint and encourage Indian investment in Kenya.
In order to facilitate information exchange on business, import-export, joint ventures, technology transfers, contract manufacturing partnerships, and investment promotion in both nations, the council will serve as a conduit.
Speaking at the India-Kenya Business Forum in Nairobi, India’s minister of state for parliamentary affairs and external affairs, V. Muraleedharan, stated that Kenya’s strong infrastructure and advantageous position make it an essential launching pad for the East African area.
According to Muraleedharan, “it offers unmatched access to regional markets, fostering trade and investment.”
“I am aware that doing business in Kenya involves reaching out to the over 300 million people that make up East Africa in addition to the approximately 54 million Kenyans who make up the market.”
Exchange CS Rebecca Miano applauded the decision and exhorted merchants to plan trade-promoting events and fully benefit from the economic collaboration.
We acknowledge India’s achievements in the ICT, manufacturing, infrastructure, medicines, and agricultural sectors. Since these are also high priorities for our nation, Miano stated, “we have excellent opportunities to work together and benefit from each other’s experience in these sectors.”
The meeting referred to the youthful population of both countries as a prospective investment tenet and highlighted the opportunity that comes with it.
With more than 65% of its population under 35, India is home to some of the world’s most youthful populations, while Kenya has almost 75% of its population under 35.
The positive trade balance as of 2022 was Sh211.42 billion in favor of India.
Tanzania had the greatest amount of Indian exports to East Africa in the 2023 fiscal year, followed by Kenya, according to Statista data.
The amount of money coming into Kenya was $3.3 billion (Sh502.7 billion).
Kenya exports crops, tea, metal waste, soda ash, and leather to India.
Kenya mostly imports machinery and power transmission equipment from India, along with steel, pharmaceuticals, and petroleum goods.