Americans plan Sh6bn trade project in Kenya

The trade hub project will be run under the ‘Trade Africa’ initiative launched by President Barack Obama in July last year to expand trade and economic ties between Africa and the United States and global markets.

Godec said Kenya was chosen for the hub due to its position as a regional leader and the speed at which it was implementing conducive trade policies. Speaking at the same event, President Uhuru Kenyatta said his Government was keen to position Kenya as the continents’ manufacturing and technology hub.

“Kenya wants to be among the first movers in Africa by creating an enabling environment to attract investment (by foreigners and locals),” he said.

He noted that the Government has put in place an elaborate programme to make Kenya’s business sector more productive and globally competitive.

“This includes a 40-month programme to inject over 5,000MW of electricity into the National Grid and reduce the cost of power by over 40 per cent by end of this calendar year; and plans to fast track the Standard Gauge Railway project and build 10,000km of road infrastructure through an innovative financing model,” the Head of State said.

Mr Kenyatta added that the textile sector, which has the potential to create 200,000 jobs in the next 24 months, is a priority area for job creation. He urged Kenyans to take advantage of market access through the African Growth and Opportunity Act, the European Union Economic Partnership Agreements and other facilities favouring emerging markets to aggressively grow the sector.

The Origin Africa event has attracted nearly 300 investors from 32 African countries, including partner states of the East African Community.

-businessdailyafrica.com