Indian investors eye deals in Kenya’s leather industry

A delegation from the Council of Leather Export of India has pitched tent in Nairobi in search of investment and trade deals in the Kenyan leather industry.

The investors who arrived in the country on Tuesday said their mission will take three days.

The delegation is composed of about 20 businessmen. This is the third time the investors are visiting Nairobi in search of business opportunities in the sector.

“They are basically scouting for deals in the leather sector. They are led by the head of the industries in their countries and therefore this a very powerful delegation,” said Kenya Leather Development Council chief executive Isaack Noor in a interview Wednesday.

Dr Noor said that during their stay in the country, the delegation may also sign a memorandum of understanding (MOU) with a number of business owners in the country.

Kenya and India formally established diplomatic relation in December 1948.

India is currently among the leading trade partner of Kenya’s products.

Kenya’s major exports to India includes tea, coffee, vegetables, textile an meat products among others.

Imports of goods from India hit a seven-year high in 2018 as the Asian country played catch-up with rival China, whose orders declined by 5.35 percent in the period.

Trade data released by the Central Bank of Kenya in March shows consignments worth nearly Sh185.15 billion were bought from India, a growth of 8.65 percent over Sh170.41 billion in 2017.

India’s exports to Kenya are largely pharmaceuticals, steel, machinery and automobiles.