Friday July 29, 2022
President Uhuru Kenyatta, President of Turkish Industry Holdings Mehmet Coskun and businessman Mwaniki Munuhe (right) during ground breaking ceremony of a Sh91billion (US Dollars 760million) investment project in Naivasha on July 26, 2022. Image: HANDOUT
President Uhuru Kenyatta on Tuesday oversaw ground breaking ceremony of a Sh91 billion (US Dollars 760million) investment project by a Turkish manufacturing conglomerate.The project is expected to boost the country in regaining the foreign exchange by exporting locally produced finished products to the global market.
Speaking in Naivasha, the president said the investment by the Turkish Special Economic Zone SEZ Limited will be a game changer for the country’s economy.
The president noted that the project will also create job opportunities for thousands of locals.
Kenyan entrepreneur Mwaniki Munuhe was named as the Vice President of the company in charge of Africa Operations.
The Vice President of the Turkish Industry holdings, Abdulhakim Alici, said they settled on Kenya after a rigorous appraisal.
“We became convinced that Kenya is the most attractive investment destination-politically, economically, and geographically- for large scale investments. We became convinced that Kenya offers us the greatest potential,” he said.
Alici noted that during a gathering of Turkish industrialists during President Uhuru’s last trip to Turkey, the investors were convinced that the country is full of business opportunities that needed to be exploited.
“Kenya is open for business. And there are wonderful opportunities for foreign investors to capitalize on the renewed optimism that accompanied Kenya’s enactment of a new constitution,” he said.
On Munuhe’s appointment, Alici noted that he will be in charge of Africa. He said that Munuhe, 36, is the first African to be appointed to this type of role in the corporation’s history.
“He is a testament that Kenya has some of the finest entrepreneurial skills in the world,” said Alici.
According to Tito Mutai, the executive director Investera Plus Africa, the Naivasha project is expected to provide foreign currency input through high technology and raw material advantages as well as leveraging on the Africa Continental Free Trade Area.
Investera is a business resource centre that brings together businesses, government and investors from across the world. It introduced the Turkish firm into the country.
Mutai added that the project will see up-to 2,800 people employed directly besides creating a combined employment opportunities for over 30,000 locals indirectly.