Partnership in Priority Address Indo-Kenya Trade

MUMBAI, INDIA - “India’s bilateral trade with the African continent stands at US$ 67 billion. Narrowing down to the Indo-Kenya bilateral ties, the economies registered trade worth US$ 3.9 billion imbalanced in favor of India. India’s exports to Kenya stand at US$ 3.77 billion, while the imports stand at a mere US$ 0.1 billion. It is of paramount importance that we address this trade imbalance," said Ambassador Mr. Yogeshwar Varma - IFS, High Commissioner of India - Designate Kenya during an interactive meeting with the Ambassador, organized on 29th March 2014 by WTC Mumbai and All India Association of Industries.

Examining measures to address the trade imbalance, Mr. Varma said that the rapidly growing Indian economy falls under the top 10 global economies bracket. India is a US$ 2 trillion economy with global trade deficit worth US$ 100 billion comprising of large trade basket. India should favor the Kenya economy by diverting tradable imports from Kenya. The same shall enable healthy trade relations setting a case for partnership in priority. Enumerating on the prospective tradable goods between the economies Mr. Varma said that Kenya is a rich source of raw materials such as minerals, metal scrap, agricultural products, leather, etc. Indian businessmen can set up production centers in Kenya to give impetus to its manufacturing while exporting the manufactured products at competent prices to India.

Earlier, in his welcome remarks, Mr. Vijay Kalantri, President, All India Association of Industries and Vice-Chairman, World Trade Centre Mumbai said Kenya is an important trade and investment partner for India. Indian firms have invested in telecommunications, petrochemicals and chemicals, floriculture sectors in Kenya and have executed engineering contracts in the power and other sectors in the country. It is necessary that India make laudable efforts in expanding trade with the emerging markets of the African continent.
Mr. Sharad Upasani, Vice Chairman, World Trade Centre Mumbai felicitated Mr. Ambassador Yogeshwar Varma - IFS, High Commissioner of India - Designate Kenya. Present on the occasion was Mr. R. A. Goenka, Honorary Consul of Republic of Kenya. The meeting was well attended by the industrial fraternity and officials.
For more information on this article, please contact Y. R. Warerkar, Executive Director, WTC Mumbai, at executivedirector@wtcmumbai.org.