Gachagua woos Indian investors
Deputy President Rigathi Gachagua has extended a warm welcome to foreign investors, assuring them of the implementation of favorable policies in Kenya to address constraints in the investment sector.
During a meeting with the Indian Minister for State for External and Parliamentary Affairs Shri Mutaleedharan, the DP highlighted the significant potential for collaboration between the two nations.
Gachagua took the opportunity to invite Indian companies to explore and invest in Kenya, emphasizing that the country presents a lucrative front for investments across various sectors.
He particularly underscored opportunities in manufacturing, housing, agro-processing, ICT, and pharmaceuticals, noting that these sectors align with the government’s Bottom-Up Transformation Agenda (BETA).
“We invite more Indian companies to invest in the existing opportunities, including affordable housing, agro-processing and value addition, pharmaceuticals and medical equipment manufacture, ICT, creative economy, etc. These sectors are in line with the Government’s Bottom-Up Transformation Agenda (BETA). Investment in these particular sectors will help the Kenya Government deliver on development priorities,” Deputy President Gachagua stated.
He affirmed that Kenya has made strides in improving the ease of doing business by implementing key policy measures, such as simplifying the process of obtaining business permits.
Furthermore, Gachagua outlined government strategies, including the automation of all services and exemptions for startup companies from paying taxes on unrealized gains on employees’ allocated shares, aiming to create a more conducive environment for investment.
While wooing Indian investors to consider Kenya as an attractive destination, Gachagua highlighted the country’s recent adjustments, including a review of the 30% equity shares requirement and the removal of VAT on export services. These strategic moves are intended to fortify investments in crucial sectors like ICT and contribute to the overall economic growth of the nation.
The DP expressed confidence that these policy measures would not only attract but also sustain foreign investments, fostering a mutually beneficial relationship between Kenya and India in the long term.
India is a known destination for Kenyans seeking specialised treatment abroad.
Indian businessmen have also contributed to the growth of the Kenyan economy in the manufacturing and retail business.