Rédaction Africa Links 24 with Kenyans.co.ke
Published on 2024-04-08 15:53:34
President William Ruto made a significant announcement on Monday, April 8, revealing that Kenya had secured several multi-billion investment deals from different investors. The Head of State made these revelations while speaking in West Pokot County during the commissioning of the Cemtech Limited Clinker Plant.
During his address, President Ruto disclosed that one investor had committed Ksh4.5 billion towards fluorspar mining operations. If implemented, the material extracted from these operations could be utilized locally or exported to manufacture various products such as insulating foams, gasoline, aluminium, refrigerants, and steel, among others. Highlighting the potential of West Pokot County in the mining sector, Ruto emphasized that this was just the beginning, hinting at more factories being established in the future.
Furthermore, the President announced that another investor was set to invest Ksh5.8 billion in establishing a gold refinery in Kakamega County, following the discovery of valuable gold deposits in the neighboring Siaya County estimated to be worth Ksh1 trillion. Additionally, in Vihiga County, an investor was planning to inject Ksh2.5 billion to set up a granite factory. Granite, known for its strength, durability, and attractive appearance, is used for countertops, floors, monuments, construction, sculptures, tombstones, and sinks.
President Ruto reiterated that these investments were aligned with his vision to strengthen the mining industry in Kenya, ensuring that the country maximizes the benefits of its rich mineral resources. He emphasized the importance of utilizing these resources to eradicate poverty, create employment opportunities for young Kenyans, and boost the country’s exports and revenues.
In his commitment to bolstering Kenya’s manufacturing sector, President Ruto highlighted the establishment of six special economic zones across the country. He referenced the Finance Act of 2023 as a pivotal step towards making Kenya a leading manufacturer of goods, shifting away from heavy reliance on imports.
Assuring Kenyans of his government’s dedication to fostering the growth of the manufacturing industry, President Ruto emphasized the significance of initiatives like the commissioning of the clinker plant to reduce importation costs and make cement production more affordable. He dismissed concerns about the quality of locally manufactured goods, stating that it is better to support products made in Kenya than to import items from elsewhere.
Overall, President Ruto’s announcements underscore the government’s commitment to attracting investments, promoting industrial growth, and harnessing the potential of Kenya’s natural resources for economic development. The ongoing efforts to enhance the mining and manufacturing sectors are aimed at creating a sustainable and prosperous future for the country and its citizens.
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