 "PM Modi, Kenya PM William Samoei")
Kenyan President William Samoei Ruto, who is on a three-day visit to India, called upon companies here to establish manufacturing facilities in his country to gain access to the entire African market of around 1.4 billion people.
"We have bigger opportunities in Kenya than we do in India. We also have fewer competitors in Kenya in metals business than in India and we have a higher return in Kenya than India," Ruto said.
Highlighting "clear investment opportunities" in Kenya, the President said he shared with Prime Minister Modi that the African nation imports 70 per cent of its pharmaceutical commodities from India.
Calling upon Indian companies to establish manufacturing facilities in Kenya, the President said doing so will provide them access to not only the Kenyan market of 50 million people but the entire African market of 1.4 billion people as Kenya is a signatory to the Africa Continental Free Trade Agreement that weaves together 55 countries into a single market of 1.4 billion people.
"We are making that opportunity available to you if you manufacture out of Kenya," the President said while addressing a joint meeting organised by industry chambers ASSOCHAM, FICCI and CII.
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Moreover, he informed that Kenya is the country that exports the most to America using the Africa Growth and Opportunity Act (AGOA), therefore, manufacturing out of Kenya gives access to the US market as well.
Earlier in the day, Ruto met Prime Minister Narendra Modi. Referring to the Modi as his "elder brother", the Kenyan President said he congratulated him for the BJP's performance in the recently held state assembly polls.
"When I was speaking to Prime Minister (Narendra Modi) earlier I congratulated him because I saw his party won many seats in the (state) elections that was reported yesterday".
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
