President Ruto says Kenya still an investment destination of choice » Capital News
MACHAKOS, Kenya, Apr 23 – President William Ruto has said Kenya remains a competitive investment destination of choice.
He urged investors to take advantage of the lucrative investment opportunities available in the country.
Speaking on Tuesday when he officially opened the Nexgen Packaging Kenya EPZ, Athi River in Machakos County, President Ruto outlined the measures that have been put in place to create a conducive investment environment in the country.
He singled out the reduction of power tariff by 50 percent for investors or manufacturers working at night as one of the measures that has gone a long way in creating an environment hospitable to investment.
“We’ve done away with the requirement that one must use power to full capacity during day time to benefit from reduction at night,” said President Ruto.
He also disclosed that the government has increased acreage under cotton from 44,000 acres last year to 104,000 acres this year as part of efforts to increase local fabrics.
“This morning, I also approved 5,000 acres for the Naivasha industrial economic zone for more investments,” he noted.
The President said Kenya’s investment in infrastructure, human resource development, renewable energy as well as regulatory incentives and robust justice system has positioned Kenya as an attractive investment destination.
President Ruto announced a partnership between Kenya and the United States, facilitated by USAID with over $11 million, aimed at job creation, boosting trade, and fortifying the textile and apparel subsector.
He said the investment aims to expand Kenya’s fashion industry, grow its apparel manufacturing base, and introduce new vertical integration capabilities to the textile and apparel subsector.
“This partnership embodies the future of Kenya – a future built on solid investments, with skilled labour, efficient technology, quality manufacturing, and strong linkages with global markets,” he said.
He stressed the government’s commitment to realizing the textile and apparel sub-sector’s full potential through vertical integration, enhancing the value chain to reduce costs, enhance quality control, and promote economies of scale.
He said Fabric production will be pivotal in giving Kenyan-made apparel a competitive advantage.
“Such an investment would be particularly opportune, given that 40,000 farmers are already farming cotton and producing between 20,000 and 40,000 bales annually, with the potential to increase the number of farmers and acreage under production to achieve at least 260,000 bales annually,” he said.
Trade and investment CS Rebecca Miano said Kenya was committed to creating a conducive environment for investments.
US Ambassador to Kenya Meg Whitman said the two countries will continue to work together for the mutual benefit of its citizens particularly in the area of investments.
Machakos Governor Wavinya Ndeti said county governments will work closely with the national government in ensuring ideal conditions for investors.
“We will continue supporting initiatives aimed at attracting investors into our country,” said Governor Ndeti.
And while addressing workers, President Ruto assured them that efforts were being made to address the challenge of water in EPZ, Athi River and Kitengela among other areas.
“I want to assure you that the Northern Collector Tunnel is being improved as part of efforts to solve water problems facing this area by June,” said President Ruto.
The Head of State pointed out that he would implement decisions, however, difficult it may be so long as they would be for the betterment of the country.
“I am determined to change Kenya. Those who are making noise now, will thank me later,” said President Ruto.
He added;”I will make decisions which are right, however, difficult they may be for the prosperity of this country.”
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