President Uhuru Kenyatta has asked US investors to make Kenya their investment destination of choice in Africa.
Kenyatta, who is currently in the US for the UN General Assembly, singled out the manufacturing sector, which he noted offers limitless investment opportunities for US companies.
The East African nation plans to lift the sector’s contribution to the economy from the current 8.4 percent of GDP to 15 percent by 2022.
“The sector presents major opportunities for local and foreign investors in areas such as agro-processing through value addition in key value chains such as textiles and leather, the maritime sector, construction, iron and steel, oil and gas,” Kenyatta said.
Kenyatta who spoke at a private sector forum hosted by the American Chamber of Commerce and attended by tens of top executives from leading US multinationals said Kenya is seeking sustainable business partnerships with American corporations.
“As we deepen the relationship between Kenya and the United States, it is partnerships with corporations such as the ones you represent, which drive and sustain the relationship,” the President told the executives led by Scott Eisner, President of the US-Africa Business Center who is also the Senior Vice President of the US Chamber of Commerce.
Alongside manufacturing, the President said food and nutrition security, affordable housing and Universal Health Coverage (UHC) are other priority sectors with huge investment potential.
Kenyatta said his administration’s target of constructing 500,000 affordable housing units is on course and rallied the American companies to plough their resources into the program.
“More than half of the funding for this program (housing) will be raised from private sector sources. We will also be seeking investments in alternative building materials and technologies,” he said.
JK/as/APA