Kenya, India to ratify double taxation agreement
Kenya, India to ratify double taxation agreement
NAIROBI, Feb. 10 (Xinhua) — Kenya and India will soon ratify an agreement on the avoidance of double taxation, officials said on Tuesday.
India’s Deputy High Commissioner to Kenya Sushil Singhal told Xinhua in Nairobi that the ratification of the agreement signed in 2005, will help to accelerate commercial ties between the two countries.
“There are a lot of areas for cooperation,” Singhal said during a media briefing on the upcoming Indian Engineering Expo organized by the Engineering Export Promotion Council (EEPC) that will take place from Feb 11 to 13.
Singhal said both nations are also fast tracking the signing of the investment protection agreement in order to encourage investments in the two countries.
According to the Indian embassy in Kenya, there are approximately 50 India firms in Kenya, and the total trade volume between Kenya and India was approximately four billion dollars in 2014.
The trade was heavily in favor of India as the Asian nation exports goods worth 3.8 billion dollars, consisting mainly of petroleum products, pharmaceutical and engineering products. Kenya, on the other hand exported soda ash and agricultural products to India.
Singhal said India and Kenya both face similar challenges as their manufacturing sectors are dominated by small- and medium- enterprises.
EEPC Regional Chairman Mahesh Desai said during the Indian Expo, 70 Indian engineering and pharmaceutical companies will showcase the latest India technology.
Desai said Indian firms are also keen to establish joint ventures with their Kenyan counterparts. “We want to produce both for the domestic and the east African region,” he said, adding that the region has fast growing economies in the world.
“This has resulted in strong demographics, increased healthcare needs, longer life expectancy and rising healthcare spending in the public and private sectors,” he said.
