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Kenya seeks Chinese investments
28
Mar '16

Kenya has called on visiting Chinese investors to make big ticket investments in various key sectors including agro processing, textiles and leather among other sectors that build on its comparative advantages.

In a statement, Kenya's Industrialization Cabinet Secretary Adan Mohamed said the country has created a favourable and enabling environment to attract investment locally, regionally and globally.

He urged Chinese investors to consider setting up infrastructure in one of the special economic zones along the Standard Gauge Railway (SGR) from Mombasa to Nairobi. The government is availing land in these zones for investment, he added.

Mohamed stated that the country also wanted to invest in the textile and leather sectors which are major growth drivers in industrial exports.

He said the labour costs are relatively cheaper compared to manufacturing in Asia. The Secretary stressed that Kenya's preferential access to global markets had created a cost advantage to buyers in pursuit of a diversified sourcing base.

"The country is expanding its power supply from 2,500 to 10,000 megawatts and production of the remaining 7,500MW of clean energy is another investment option you could consider," Mohamed said in the statement after the meeting in Nairobi.

He was addressing the visiting Chinese delegation of investors from the Keda Clean Energy Company of China who are in the country seeking attractive opportunities to invest between $200 million to $2 billion dollars.

Mohamed told the delegation that Kenya has a well-educated, qualified and skilled youthful labor force and access to vast agricultural resources was great potential destination for investment.

The Secretary said there were tax incentives for export-based industries which could enjoy specific tax holidays.

Mohamed told the Chinese delegation Kenya was also seeking duty free access for its products in the Chinese market which would improve trade ties between the countries.(SH)

Fibre2Fashion News Desk – India

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