Tuesday, October 12, 2010

India, Kenya to discuss bilateral trade and investment

New Delhi, Oct 12 : India and Kenya would evolve new ways and means of strengthening bilateral trade, investment and economic cooperation this week.

The sixth India-Kenya Joint Trade Committee (JTC) will meet in the Kenyan capital Nairobi Wednesday. Commerce Minister Anand Sharma would address the meeting. The two countries are expected to sign the Agreed Minutes after the deliberations.

The JTC was set up at ministerial level in 1983 as a follow-up to the India-Kenya Trade Agreement signed in 1981, under which both countries accorded the most favoured nation (MFN) status to each other.

Sharma will also inaugurate the "India-East Africa Business Forum" and "Namaskar Africa" show Thursday. The two events are being organised jointly by the Federation of Indian Chamber of Commerce and Industry (FICCI) and COMESA Business Council.

India is Kenya's sixth largest trading partner and its trade with Kenya stood at USD 1.530 billion in 2009-10, comprising exports worth USD 1.452 billion and imports worth USD 78.93 million.

Indian companies have invested USD 134.31 million in Kenya between April 2005 and October 2009, while investment
inflows from Kenya to India was USD 15.85 million during April 2000 to July 2010.

Sharma is scheduled to meet Kenyan President Mwai Kibaki and Prime Minister Raila Odinga. He will also hold bilateral meetings with Kenyan Foreign Minister Moses Wetang'ula and Trade Minister Chirau Ali Mwakwere, according to a commerce ministry statement.