NAIROBI, Kenya, April 8, 2024/ — 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.
