Rédaction Africa Links 24 with Abdul Rashid Thomas
Published on 2024-04-09 09:06:32
President William Ruto of Kenya has announced the government’s plans to roll out incentives aimed at attracting investors to the manufacturing sector. The goal is to increase the country’s manufacturing sector to 20% of the GDP by 2030. The President emphasized that strategic investments in manufacturing will lead to increased exports, job creation, economic growth using local resources, and attractive returns for investors. He stressed the importance of focusing on encouraging local production to align with the Bottom-Up Economic Transformation Agenda.
President Ruto highlighted the need to support local industries by providing duty and levy exemptions to importers of goods that can be produced domestically. He expressed the government’s commitment to leveraging the opportunities presented by the Africa Continental Free Trade Area Agreement to expand Kenya’s export market. The President outlined his vision for Kenya to transition from being a mere importer to a manufacturer of goods for export.
During the commissioning of the Cemtech Limited Clinker Plant in Sebit, West Pokot County, President Ruto underscored the plant’s significance in creating jobs and fostering entrepreneurship in the region. The KSh45 billion plant is expected to generate hundreds of jobs and boost economic activities in the area. The presence of local officials including West Pokot and Uasin Gishu Governors, Cabinet Secretaries, Members of Parliament, and County Assembly Members highlighted the government’s commitment to supporting local industries and driving economic growth.
President Ruto emphasized that the local manufacturing of clinker and steel has contributed to saving the country foreign exchange amounting to $500 million annually. This demonstrates the potential of investing in domestic production to reduce reliance on imports and stimulate economic development. The President’s remarks reflect a strategic shift towards prioritizing local industries and promoting export-oriented manufacturing as part of Kenya’s economic transformation agenda.
The government’s efforts to incentivize investments in the manufacturing sector align with the broader goal of enhancing Kenya’s competitiveness in the global market. By creating a conducive business environment, encouraging local production, and leveraging trade agreements, President Ruto aims to position Kenya as a key player in the regional and international trade landscape. The commissioning of the Cemtech Limited Clinker Plant serves as a tangible example of the government’s commitment to fostering economic growth and creating opportunities for sustainable development.
In conclusion, President Ruto’s focus on promoting local manufacturing, supporting entrepreneurs, and expanding export opportunities reflects a proactive approach towards driving economic growth and reducing dependency on imports. The government’s vision for a robust manufacturing sector not only contributes to job creation and economic prosperity but also strengthens Kenya’s position as a competitive player in the global marketplace. Through targeted policies and strategic investments, President Ruto aims to harness the full potential of Kenya’s manufacturing sector and propel the country towards sustainable development and prosperity.
Read the original article on Sierra Leone Telegraph
