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India's Nairobi-based EXIM bank to serve 15 countries in region: Minister

By TIOL News Service

NEW DELHI, DEC 06, 2023: "INDIA is a global front runner in the field of generic medicines on a scale, commanding a 20% share in global supply by volume." This was stated by Dr Mansukh Mandaviya, Union Minister of Health and Family Welfare during his address to the India - Kenya Trade and Investment Forum in the presence of Dr William Samoei Ruto, President of the Republic of Kenya, here yesterday. Dr Ruto is currently on a state visit to India.

Highlighting the deep and strong historical, cultural and trade ties between India and Kenya, Dr Mansukh Mandaviya stated that "our entrepreneurs find it easier to do business with each other. This historically established trust has also encouraged many Indians to settle in Kenya."

The Union Health Minister emphasised on healthcare and pharmaceuticals as two important sectors where India has made the most advances and the people of Kenya can benefit from it. He stated that "India also stayed true to its reputation of being the 'pharmacy of the world' by supplying almost 100 countries with vaccines and 150 countries - including from the developed world - with increased supply of relevant medicines."

Pitching Indian industries as natural partners for Kenya, Dr Mandaviya said "India is the birthplace of some of the most ancient and well-known branches of traditional medicine, holistic healing and wellness practice that could have strong business implications." He informed that "for the people of Kenya, India is the biggest destination for medical treatment. Over the years, India has grown to become a premier destination for medical value travel since it scores high over a range of factors that determine the overall quality of care." "The Government of India has launched a portal to promote Medical Value Travel. This platform will facilitate treatment in India for foreign nationals across the globe. India's cost-effective and quality pharmaceuticals and healthcare systems have made healthcare more accessible to people in Kenya and worldwide. We are happy to facilitate this further", he stated.

The Union Health Minister also touched upon other initiatives taken by India including on digital economy and renewable energy. He urged Indian and Kenyan enterprises to cooperate in these sectors for the mutual benefit of both the countries. He also welcomed Kenya's decision to join the International Solar Alliance and the Global Biofuels Alliance and congratulated them on the  successful advocacy for the inclusion of the African Union as a permanent member of the G20.

Speaking on the occasion, Dr William Ruto stated that "Kenya established relations with India  in 1911, even before India attained independence". He stated that Kenyans and Indians are "one people" situated in two different geographical regions.

Encouraging investors and businesses to encash on the opportunities available in the state, Dr Ruto stated that "the govt has created a conducive ecosystem for businesses to grow and has brought in long-term policies to encourage investors. India has also opened its EXIM bank in Nairobi which will serve 15 countries in the region". He urged Indian businesses to establish manufacturing facilities in Kenya as it will give them access to the whole African market as well as the American market, thanks to Kenya's free trade agreements with these regions.

Dr Musalia Mudavadi highlighted that Kenya offers a safe and reliable investment destination for Indian businesses. He mentioned about cooperation between India and Kenya in sectors like Railways and encouraged Indian industries to expand their presence further.

Ms Rebecca Maino encouraged Indian businesses to invest in Kenya as it is the gateway to Africa and part of important trading partnerships in the region. She highlighted other important attributes of Kenya such as a stable economy, young and productive workforce, vibrant democracy and its position as a leading logistics and innovation hub in the region as important considerations for India to choose Kenya as its trade and investment partner in Africa.

 


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