Voyager Beach Resort banner | Coastweek


THE MOST FROM THE COAST !

..


 Coastweek website


XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya ministry seeks new deal with India to reduce trade deficit

NAIROBI (Xinhua) -- Kenya said Friday that it plans to sign an non-reciprocal trade deal with India to reduce the trade deficit with the Asian nation.

Peter Munya, cabinet secretary in the ministry of industry and trade, told journalists in Nairobi that the bilateral trade between Kenya and India is currently in favor of the latter to the tune of 1.6 billion U.S. dollars.

"We are therefore seeking a market access agreement with India which will waive import duties for Kenya goods in order to bridge the trade deficit," Munya said after the conclusion of the eighth Kenya-India Joint Trade Committee (JTC).

The two-day meeting reviewed progress made in implementing decisions agreed upon from the seventh session of the JTC held in New Delhi, India on 2015 and underscored the importance of accelerating implementation to facilitate trade and investment between the two countries.

The ministry of industry will soon commission a study to find out which particular sector that Kenya has a comparative advantage and can competitively export goods to India.

Munya noted that Kenya previously sought to export pulses to India but was unable after Indian farmers also posted bumper harvests leading to a glut in the Asian nation.

He said Kenya is exploring the possibility of manufacturing spare parts for India’s huge automotive sector, noting that other lucrative products that Kenya could export to India includes agricultural products such as macadamia nuts.

Munya said Kenya has agreed to the request of India to promote Indian investment in Kenya’s Special Economic Zones in order to enjoy the benefits of manufacturing in leather, automobile assembly and textiles sectors.

"Kenya will also tap into India’s well-developed plastic sector to manufacture plastic products for pellets, textile fibers and road construction," he added.

Indian Minister of Commerce and Industry Suresh Prabhu said his country has extended lines of credit to the energy, small and medium enterprise sector development.

             

 

Remember: you read it first at coastweek.com !


Zanzibar Serena Hotels banner | Coastweek

 

TO ADVERTISE ON THIS WEB SITE:  www.coastweek.com
Please contact

MOMBASA - GULSHAN JIVRAJ, Mobile: 0722 775164 Tel: (+254) (41) 2230130 /
Wireless: 020 3549187 e-mail: info@coastweek.com

NAIROBI - ANJUM H. ASODIA, Mobile: 0733 775446 Tel: (+254) (020) 3744459
e-mail: anjum@asodia.co.ke

 
    © Coastweek Newspapers Limited               Tel: (+254) (41) 2230130  |  Wireless: 020 3549187  |  E-mail: info@coastweek.com