Vice President Ligati Gachagua called on Indian companies to invest in Kenya, promising a favorable business environment.
He invited them to harness the potential in manufacturing, housing, agro-processing, ICT and pharmaceutical sectors.
Speaking in Karen during a meeting with India's Minister of External Affairs and Parliamentary Affairs for Africa, Shri V. Muthalidharan, Gachagua said Kenya is a safe and lucrative investment destination for entrepreneurs.
“We call on more Indian companies to invest in existing opportunities, including affordable housing, agro-processing and value addition, pharmaceutical and medical device manufacturing, ICT, creative economy, etc.,” Gachangua said. said.
He said these areas are in line with the government's Bottom-Up Transformation Agenda (BETA).
“Investments in these specific areas will help the Kenyan government achieve its development priorities,” the DP noted.
He will improve Kenya by introducing key policy measures such as easing the acquisition of business licenses, automating all government services and exempting all start-ups from paying taxes on unrealized gains on shares allocated to employees. pointed out that it has become easier to do business.
He said other new measures introduced to attract investors include the review and removal of the 30% equity requirement to encourage greater investment in ICT and other sectors, and value addition for export services. He said this includes the elimination of taxes.
The visiting Indian minister paid a courtesy call to the Democratic Progressive Party at Karen Karen's official residence in Nairobi and discussed bilateral relations, trade and investment, and people-to-people contacts between the two countries.
“India and Kenya have long-standing people-to-people contacts. We look forward to improved bilateral relations, economic cooperation and political contacts in the coming days,” the minister said. .
He further praised the Kenyan government for recently successfully hosting the Africa Climate Summit in September.
“I congratulate Kenya and President William Ruto on the African Climate Summit, which has established them as leaders in the field of climate change. I am pleased that the Kenyan government can consider joining the International Solar Alliance and the International Biofuels Alliance in that direction.” he said.
Regarding people-to-people contact between Kenya and India, he said, “Indians are part of Kenyan life and Kenyan society, and the Kenyan government recognizes Indians as the 44th tribe.''
Vice President Gachagua appreciated the development cooperation between the two countries, assured the Government of India's continued support and encouraged India to further increase investment opportunities in Kenya.
He further said that trade relations between Kenya and India continue to grow.
He said, “The trade balance in 2022 is in India's favor at Sh211.42 billion. This presents a huge opportunity for the Indian private sector to invest in Kenya to reduce trade imbalances.” Stated.
He said Kenya offers an attractive investment climate, opportunities, attractive location and market access through the East African Community (EAC), the African Continental Free Trade Area (ACFTA) and the African Growth and Opportunity Act (AGOA). He added that there is.
According to the Vice President, major global brands are already investing in Kenya due to the ease of market access and opportunities in the region.
Multinational brands include Standard Chartered, Google, Coca-Cola, Huawei, General Electric, Heineken, Tata, etc.
He urged more Indian companies to consider Kenya as a hub in East and Central Africa as the country has a “very favorable environment for investors”.
