NAIROBI, Dec.2 (Xinhua) -- Kenya on Monday encouraged Indian investors to help boost productivity of local small and medium sized enterprises (SMEs).
Moses Ikiara, managing director with Kenya Investment Authority, said that Indian technology is very relevant to Kenya's manufacturing sector that is dominated by small cottage industries.
"We are keen to have Indian firms establish joint ventures with local SMEs so that we can benefit from appropriate technologies that will enhance the productivity of the sector," Ikiara said during the Enterprise India Expo taking place in Nairobi.
The three-day event has brought over 100 companies from India to showcase modern technologies in engineering, automotive, agricultural equipment, electrical and power sectors.
According to the investment promotion agency, most of Kenya's products are facing fierce competition from regional and international companies.
"We are therefore looking for partners who can help Kenyan goods achieve the price and quality competitiveness required to access foreign markets," Ikiara said.
He said that India currently has the third largest stock of foreign investments in Kenya.
Rahul Chhabra, high commissioner of India to Kenya, said that India is a major trade and investment partner of Kenya with total bilateral trade volume at nearly 220 billion shillings (2.2 billion U.S. dollars) as of 2018.
"Though the trade balance is tilted in favor of India, Kenyan exports to India have risen by about 89 percent over the last year," Chhabra said.
The envoy noted that there exists huge potential to be tapped in multiple sectors especially through diversification of trade.