Ruto Affirms Kenya’s Progress Toward Becoming a Global Industrial Powerhouse

April 25, 2024

President William Ruto affirmed Kenya’s progress toward becoming a global industrial powerhouse, citing robust investor confidence as a key driver.

He emphasized that this confidence attracts significant foreign and local investments, bolstering the country’s industrial agenda.

Speaking at the official opening of Jumbo Africa Auto Auction Ltd at the Naivasha Special Economic Zone, President Ruto pointed out the significance of Kenya’s Special Economic Zone programme in driving economic growth through private investment mobilization.

He highlighted its objectives of increasing employment, boosting exports, enhancing supply chains, and augmenting Kenya’s foreign exchange earnings.

“Competitive bidding will guarantee lower prices enhancing the savings buyers will accrue compared to traditional purchasing and car importation,” he said.

RELATED – This Month’s Naivasha Car Auction Poised to Drastically Reduce Prices of Japanese Cars

President Ruto also announced the commencement of construction for 1000 affordable housing units at the special economic zone, reiterating the government’s commitment to similar economic zones across the country, including Dongo Kundu in Mombasa, Sagana in Kirinyaga, Thika, Egerton, Eldoret, and Busia.

Ruto praised the Naivasha Special Economic Zone’s industrial park as a pivotal step in Kenya’s industrialization journey, highlighting its status as the first Japanese car auction facility in Africa.

President Ruto also announced plans for five additional investors to establish operations in Naivasha, including an electric vehicle manufacturing company.

To support this growth, the government has acquired an additional 5,000 acres to transform Naivasha into a fully-fledged industrial city.

The President said the zone’s benefits include the ability to purchase vehicles using the Kenyan shilling, competitive bidding leading to lower prices, and the potential stimulation of the vehicle spare parts industry and overall automotive sector activities.

Japanese Ambassador to Kenya, Okaniwa Ken, stated that the investments in the special economic zone had the full backing of the Japanese Government.

“Kenya is a gateway to African markets and other countries will be opened up,” he noted.

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