Ruto urges manufacturers to invest abroad
President William Ruto has called upon manufacturers in the country to expand investments beyond Kenya and tap into Africa’s vast potential.
In a bid to foster economic growth and harness the vast business potential of Africa, President Ruto urged manufacturers to consider looking beyond Kenya and explore investment opportunities across the continent.
Speaking at the launch of the Isuzu Electro-Deposition Paint plant in Nairobi on June 7,2023, President Ruto emphasised the importance of expanding horizons and tapping into the wider African market.
Highlighting the need for manufacturers to seize the opportunities presented by a consolidated market, President Ruto stated, “as we consolidate the African market, our manufacturers must focus on the bigger opportunity that comes with a consolidated market, not just looking at Kenya but also considering the region as a whole.”
President Ruto specifically encouraged Isuzu East Africa and other investors to deepen their commitment to the country by venturing into tier one component manufacturing and ultimately establishing fully integrated manufacturing plants. Recognising the significance of this endeavor, he revealed that the government is actively working on the preparation of the Automotive Bill.
This legislation aims to facilitate the implementation of policies and the establishment of a dedicated council, dedicated to the automotive industry’s growth.
To expedite these efforts, President Ruto directed the Ministry of Trade and Industrialization to finalize the Automotive Bill within the next 120 days. The Head of State also emphasised the importance of negotiation and collaboration.
“Whatever matters that are outstanding in court, we need to negotiate them out of court and get ourselves moving the way we have done in other sectors.”
Furthermore, he highlighted the government’s ongoing review of existing regulations and standards, aiming to enhance the performance of the country’s automotive industry.
By creating a conducive environment for manufacturers and ensuring compliance with international standards, President Ruto intends to position Kenya as a competitive player in the global automotive market.