By Samuel Ouma
President William Ruto has announced that the government is offering incentives to attract manufacturing sector investors.Ruto said the goal is to grow the country’s manufacturing sector to 20% of our GDP by 2030.
He pointed out that strategic investment in manufacturing will increase exports, create employment opportunities, boost economic activity using local resources and generate attractive returns for investors.President Ruto said it is unreasonable to provide duty and levy exemptions to importers of goods that can be produced locally.
“We shall focus our policies and strategy on encouraging increased local production, in line with the Bottom-Up Economic Transformation Agenda,” Said Ruto.The Kenyan President said Kenya must take advantage of the opportunities provided by the Africa Continental Free Trade Area Agreement, which has created a vast market for the country’s exports.
“We want to create ecosystems and avenues for us to target the export market. We want Kenya to move away from being a super market for other countries to being a manufacturer of our own goods for export,” he said.President Ruto spoke during the commissioning of the Cemtech Limited Clinker Plant in Sebit, West Pokot County, in the Rift Valley.He said the plant will create hundreds of jobs and expand opportunities for regional entrepreneurs.
“West Pokot County is about to experience an economic resurgence associated with the new factory, including higher wages, consumption and increased revenue,” he said.He said that local manufacturing of clinker and steel has saved the country’s foreign exchange to $500 million a year.
