, NAIROBI, Kenya Feb 10 – Seventy companies from India are expected in the country to seek investment opportunities during the India Engineering Expo that will be held in Nairobi from February 11 to 13.
The companies will be seeking to set up shop in Kenya as well as joint ventures with other companies and investors in the country.
India Engineering Export Promotion Council Regional Chairman Mahesh Desai said the companies deal with pharmaceutical and packaging machinery, agricultural machinery and equipment, medical and dental products among others.
Desai says some of the leading engineering firms from Mumbai, Delhi, Kolkata, Pune and Ahmedabad are taking part in the Expo is that will run concurrently with the Kenya Pharma Expo.
He said Indian companies are eyeing the growing Kenyan pharmaceutical and healthcare market that is estimated at Sh14.6 billion annually.
“The growth in the sector will be boosted by the strong demographics, increased healthcare need, longer life expectancy, rising healthcare spending in the public and private sectors and improved access to health facilities, “he said.
He said the companies are targeting Kenya as it’s also an export of medical and pharmaceutical products to Tanzania, Uganda, DRC Rwanda Burundi, Ethiopia and Malawi pointing out that this is a catalyst for building new business relations.
On his part, India Acting High Commissioner to Kenya Sushi Singhai, said the government of India is keen to expand trade and investment relations with Kenya as it’s a gateway to several other east African countries like Somalia, Uganda South Sudan, Tanzania and Ethiopia.
He urged Kenyan companies to take advantage of this opportunity and forge new business ties with Indian companies,
Kenya’s main exports to India include Soda ash, vegetables, tea, leather and metal scrap while India’s export to Kenya pharmaceuticals, steel products, machinery, vehicles and power transmission equipment.
In the 2013/2014 financial year, India-Kenya bilateral trade was estimated at Sh368 billion where India’s export were worth Sh345 billion.