Special Economic Zones Authority (Seza) Chief Executive Dr. Kenneth Chelule said preparations are almost complete for the inaugural auction of used Japanese cars in Naivasha, Nakuru County.
Addressing attendees during the Sossit talent and field day in Bureti constituency, Dr. Chelule stated that the auction will reshape the automotive landscape across Africa by drastically reducing the cost of importing Japanese vehicles.
“For years, lovers of Japanese vehicles have had to incur huge expenses importing cars from Japan and dealing with the complexities of trading through the Japanese Yen,” he said.
“But that is now going to change through the launch of the Naivasha motor vehicle auction. The cost of the vehicles will be significantly lower.”
Dr Chelule mentioned that one of the key advantages of this initiative is the decision to conduct transactions in Kenyan shillings, thereby eliminating the complications associated with foreign currency transactions and empowering local buyers.
“Motor vehicle buyers from the rest of African countries will have to buy the Kenyan shilling to trade and thus make the shilling stronger,” he said as quoted by the Financial Standard.
The auction is scheduled to open to the public on April 24, 2024 at Naivasha’s dry port.
