Deputy President Rigathi Gachagua has invited Indian companies to invest in Kenya and exploit its potential in manufacturing, housing, agro-processing, ICT and pharmaceutical sectors, as he promised them a conducive business environment.
Speaking during a meeting with Mr Shri V. Mutaleedharan, Minister for State for External and Parliamentary Affairs in Charge of Africa Republic of India at Karen Nairobi on Wednesday, the Deputy President said Kenya is a safe and lucrative investment destination for entrepreneurs.
“We invite more Indian companies to invest in the existing opportunities, including affordable housing, agro-processing and value addition, pharmaceuticals and medical equipment manufacture, ICT, creative economy, etc.
“These sectors are in line with the Government’s Bottom-Up Transformation Agenda (BETA). Investment in these particular sectors will help Kenya Government deliver on development priorities,” said Gachagua.
He noted that Kenya has improved ease of doing business by putting in place key policy measures, such as ease of obtaining business permits, automation of all government services and exemptions of all startup companies from paying taxes on unrealized gains on employees allocated shares.
Other new measures introduced to attract investors, he said, include review and removal of the requirement of 30 per cent equity shares to facilitate greater investments in ICT and other sectors and removal of VAT on export services.
The visiting Indian Minister paid a courtesy call to the DP at his official residence in Karen Nairobi where they discussed bilateral relations of the two countries, trade and investment as well as people-to-people contact.
“India and Kenya have a long relationship of people-to-people contact. We look forward to improving bilateral relations, economic cooperation, and political contact in the coming days,” said the Minister.
He further praised the Kenyan government for successfully hosting the Africa Climate Summit in September.
“I congratulate you for the Africa Climate Summit which established Kenya and President William Ruto as a leader in the climate change field. We are happy with that direction and the Kenyan government can consider joining the International Solar Alliance as well as the International biofuel alliance,” he said.
Appreciating the development cooperation between the two countries, Deputy President Gachagua encouraged India to take up more investment opportunities in Kenya with the assurance of continued support by the Government of Kenya.
He added that Kenya offers an attractive investment environment, opportunities and appealing location, market access through the East Africa Community (EAC), African Continental Free Trade Area (ACFTA) and African Growth and Opportunity Act (AGOA) among others.
