SPECIAL EVENT 
  
 

Indo-African Society hosts Kenya's envoy

Reforms make Kenya a prime destination for investors
 


H.E. Mr. Harry Mutuma Kuthurima (right) addresses members of the Indo-African Society. Mr. S.B.S. Ali - First Secretary also shown.
  

New Delhi, 16 July 2004: India and Kenya, though situated far apart and divided by geography of Asia and Africa, are seeing many reasons now to forge closer ties, especially in trade and commerce. Slowly but gradually the logic of economics is taking over the natural divide. As the process of reforms is now in full swing in both the countries, New Delhi and Nairobi have found it more pragmatic and in tune with existing realities to go for closer economic cooperation.
 
  
Indo-African Society Secretary General thanks His Excellency and the audience
 

The Indo-African Society held a special interactive session on Kenya’s move towards economic growth for selected members of India’s business community, academicians, and the media at the Foreign Correspondents’ Club of South Asia, New Delhi on 16 July 2004. The session highlighted Kenya’s rising business and investment opportunities.

His Excellency Mr. Harry Mutuma Kathurima, High Commissioner of Kenya to India, focussed on the vital aspects of diplomatic, economic, trade and business relations between India and Kenya. Speaking on the occasion, Mr. Kathurima highlighted his country’s progress towards political stability and economic growth making the country one of the most favourable investment destinations in Africa. With economic reforms showing good signs in recent years, Kenya today is on a road of faster growth. As the Kenyan government makes suitable policies for investors and traders, these come as good incentives for those who desire to excel while investing and trading in Kenya, according to Mr. Kathurima.

The High Commissioner praised the government of President Mwai Kibaki for taking bold steps to ensure that Kenya continues to move on the path of stability and growth. The new government has emphasized transparency and accountability in management of state affairs. Currently, Kenya is engaged in a constitutional review process in its efforts to enact a Constitution that is people oriented. All these are definitely going to contribute immensely to the country’s growth and progress, said Mr. Kathurima. The Kenyan economy is opening up after the new government has embarked on various reforms with avowed objectives to jumpstart the economy, to tackle job scarcity, and reduce poverty. The economy is poised to attain a higher growth for the current year. As members of East African Community (EAC) and Common Market of Eastern and Southern Africa (COMESA), Kenya is projected to do better as a result of regional and international trade with the completion of the harmonization of tariff regimes. The country has given special priority to infrastructure, tourism, manufacturing and services sectors.

The government has also undertaken a new set of political and economic reforms with special package for investors to ensure an investor friendly environment on Kenyan soil. Steps like tax holidays, import duty exemptions, concessions for plant and machinery and liberalization of foreign exchange regime would go a long way to woo investors. The first signs in this direction are already visible.

The current trade volume between India and Kenya stands at less than US$200 million and the scope remains very wide for two-way trade. Mr. Kathurima stressed upon the need to concentrate on building the vital aspects to increase trade and investment ties between India and Kenya. He made a special call upon the Indian business community to invest in Kenya in a big way and exploit the favourable conditions being offered for this purpose.