Govt rolling out incentives to attract investors in manufacturing sector » Capital News

WEST POKOT, Kenya, Apr 8 – The government is rolling out incentives to attract investors to the manufacturing sector, President William Ruto has said.

The President said the goal is to grow the country’s manufacturing sector to an ambitious 20 per cent of our GDP by 2030.

He pointed out that strategic investment in manufacturing will increase exports, create employment opportunities, boost economic activity using local resources and generate attractive returns for investors.

President Ruto said it is, therefore, unreasonable to provide duty and levy exemptions to importers of goods that can be produced locally.

“We shall focus our policies and strategy on encouraging increased local production, in line with the Bottom Up Economic Transformation Agenda,” he added.

The President said Kenya must take advantage of the opportunities provided by the Africa Continental Free Trade Area Agreement, which has created a vast market for the country’s exports.

“We want to create ecosystems and avenues for us to target the export market. We want Kenya to move away from being a super market for other countries to being a manufacturer of our own goods for export,” he said.

President Ruto spoke during the commissioning of Cemtech Limited Clinker Plant in Sebit, West Pokot County.

West Pokot and Uasin Gishu Governors Simon Kachapin and Jonathan Bii, Cabinet Secretaries Rebecca Miano, Kipchumba Murkomen and Salim Mvurya, MPs and MCAs were present.

The President said the KSh45 billion plant will create hundreds of jobs and expand opportunities for entrepreneurs in the region. 

“West Pokot County is about to experience an economic resurgence associated with the new factory, including higher wages, consumption and increased revenue,” he said.

He said local manufacturing of clinker and steel has saved the country foreign exchange to the tune of $500 million a year.

He urged local investors to embrace the most efficient technologies available to promote competitiveness.

The President cited other programmes being implemented by the government, including affordable housing and the establishment of ICT hubs in every ward to unlock online job opportunities for the youth. 

“We are going to create a Kenya that leaves no one behind,” he said. 

The President also stated that the government’s economic recovery strategy is yielding positive results.

“You heard the announcement yesterday that Kenya’s Nairobi Stock Exchange is the best in the world. The  value of the Kenya shilling against the dollar has also significantly improved,” he said.

The President said the government is enhancing security in the Kerio Valley to ensure that no child is denied an opportunity to attend school.

Mr Murkomen said the people of West Pokot need such investments to transform their lives.

Mr Mvurya commended President Ruto’s steady leadership, stating that it has created a conducive environment for investors.

“Your directive to give priority and support to value addition and processing within the country, rather than exporting raw materials, will give manufacturing the necessary impetus,” he said.

Ms Miano said the clinker factory will attract other investments, especially small and medium enterprises.

“My ministry is encouraging investors to come to Kenya,” she said.

Governor Kapchapin said the factory had opened the door for other investors to explore the “hidden treasures in our county”.

Devki Group of Companies Chairman Narendra Raval said the factory employed more than 4,000 people during construction.

“This project will change the perception of West Pokot County. It demonstrates that the residents are a hardworking  people,” he said.

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