Kenya woos Japanese investors as CS highlights economic potential

Trade Cabinet Secretary Rebecca Miano has continued to market Kenya in her trip to Japan as the best destination for investment in the continent.

In a meeting with Japanese investors, Miano urged them to visit and explore trade opportunities available in the country noting that the government had a good working environment.

Addressing the participants, Miano emphasized Kenya's standing as the largest economy in East Africa and the 29th fastest-growing economy globally.

She highlighted Kenya's excellence in human capital asserting its top-ranking position in Africa.

"Kenya has been rated as number one in Africa in terms of human quality capital and we urge you to come and explore the opportunities that we have," Miano who is part of the delegation accompanying President William Ruto on the visit said.

The CS positioned Kenya as a gateway for global investors, especially in the flourishing areas of green energy, manufacturing, and technology.

Miano specifically urged Japanese investors to consider opportunities in Kenya's manufacturing sector, citing potential in automotive and e-mobility, textile and apparel, and electronics.

Notably, Japanese motor vehicle giant Toyota Tsusho Corporation is set to establish a vehicle manufacturing plant following a collaborative agreement signed with Kenya, focusing on vehicle manufacturing and renewable energy development.

President William Ruto is foreseeing its positive impact on Kenya's industrial sector and diplomatic ties with Japan.

Kenya has already secured substantial investments in the visit alone, signing a Sh15 billion deal for Meru Wind Farm Energy, Sh8 billion for Isiolo Solar Energy, and Sh75 billion for Menengai Geothermal Plant, further solidifying the economic collaboration between the two nations.

On Tuesday, Ruto witnessed the signing of three Memoranda of Understanding after a meeting with Japan's Prime Minister Fumio Kushida.

The President said Japan is an important partner to Kenya.

The MoUs are on cooperation in the ICT sector and on the enhancement of the capacity of the Kenya Medical Research Institute, KEMRI to build on its pandemic management potential.

Also signed is an MoU to issue a Samurai Bond, and also a Letter of Intent concerning Defence Cooperation to strengthen partnership in the field of defence.

The move will also enable the country to work together in promoting peace and stability in Africa and all maritime trade routes.

Ruto said the agreements will help keep the commitment to support implementation in some areas of interest.

He said Kenya will remain a strong supporter of the Japan-AU partnership and concerning TICAD in particular by participating in meetings and summits and other activities under its auspices.