President Uhuru pitches Big Four agenda to US investors
FOREIGN RELATIONS: President Uhuru Kenyatta has asked the US business community to invest in Kenya’s manufacturing sector.
Uhuru said his administration’s Big Four agenda, particularly the manufacturing component offered limitless investment opportunities for US companies.
The government plans to lift the sector’s contribution to the economy from the current 8.4 per cent of the gross domestic product to 15 per cent by 2022.
“Manufacturing presents major opportunities for local and foreign investors in areas such as agro-processing through value addition in key value chains such as textiles and leather, the maritime sector, construction, iron and steel and oil and gas,” he said.
Uhuru, who spoke at a private sector forum hosted by the American Chamber of Commerce and attended by tens of top executives from leading US multinationals, said Kenya is seeking sustainable business partnerships with American corporations.
“As we deepen the relationship between Kenya and US, it is partnerships with corporations such as the ones you represent, which drive and sustain the relationship,” the President told the executives led by Scott Eisner, president of the US-Africa Business Centre. He is also senior vice-president of the US Chamber of Commerce.
Alongside manufacturing, the President said, food and nutrition, security, affordable housing and Universal Health Coverage are other priority sectors with huge investment potential.
He said his administration’s target of constructing 500,000 affordable housing units is on course and rallied American companies to channel their resources into the programme.
“More than half the funding for this programme will be raised from the private sector. We will also be seeking investments in alternative building materials and technologies,” he said. – PSCU