Firms to invest Sh275b in Kenya
Finish firm Ekorent wants to bring in 200 electric cars by this year's end in a Sh300 million investment.
Through its taxi hailing firm Nopiaride, the firm says the cars that cost Sh1.5 million each will be part of the European investment brokered on Friday during a meeting at State House.
Head of the EU Delegation to Kenya Stephano Dejak led 18 EU member states.
Companies from Europe will invest a combined Sh275 billion in Kenya in the next couple of years, more than what the Government raised in recent Eurobonds.
The companies led by Isuzu which will invest half of the whole amount in a new production line and cold storage to the tune of Sh100 billion, expect to create thousands of jobs.
Kenya Private Sector Alliance (Kepsa) and European Union Business Council are set to roll out plans for the investment.
“Isuzu will set up a new production line, CEER Processing is working on new factories in Mombasa and Kisumu while Centum is investing in industrial parks in Kilifi and a fruit processing plant in Kwale at a cost of Sh600 million,” said a statement from State House.
During the EU-Kepsa meeting, several Kenyan and foreign companies outlined their expansion as well as new investment plans this year totaling to over Sh40 billion.
Afrinol Holdings, Nopiaride, BASF and Noorbrook Pharmaceuticals are some of the companies looking to expand their local investment portfolios.
Others are FunKidz, Optiven Real Estate, Delarue, Unity Homes, Tatu City, General Electric and Bidco which has lined up four new industries.
Horticultural firm Sun Ripe is already taking advantage of the recently signed export of frozen avocado deal between Kenya and China and has so far created 200 new jobs, while BAT is growing its footprints in various parts of the country by recruiting more tobacco farmers.
Isuzu will install a cold chain logistics line to reduce post-harvest losses and linkages with second-hand car traders to sell the returned Government leased vehicles.