President Kenyatta is on an official tour in China and only God knows what other loans he is borrowing or what else for that matter he will comeback home with.
Well, seems like the President is trying to woe the Chinese so that they can forgive Kenyas ridiculous loans from them or I may be wrong.
It has emerged that contrary to the Kenyans speculations, President Kenyatta is not in China for more loans which is something to be happy about, but instead his visit to China is to form joint ventures with local companies to create more manufacturing bases.
While giving his Key note speech in Shanghai China the Kenyan President said, “China now ranks as the number one trading partner with Kenya accounting for 17.2 per cent of Kenya’s total trade with the world. I would like to encourage more firms to establish joint ventures with Kenyan entrepreneurs and to increase the content of locally produced goods and services in their projects and industries,” he said in Shanghai where he gave a keynote address at the inaugural China International Import Expo.”
In addition the President acknowledged China’s leading role as a trading partner in the Kenyan economy, noting that his government will give priority to trade and investment opportunities that lend support to the government’s Big Four Agenda especially on manufacturing.
Talking of the Big 4 Agenda in the recent past the two countries have come together to construct roads and other infrastructure not only in Kenya but also in other African nations.
The government had already allocated Sh400 billion tothe Big Four agenda, which is the main focus of President Kenyatta in his second and final term in office.
On to some more good news, during The president’s remarks he made the announcement where one China’s largest tiles manufacturing firms, Keda Ceramics, plans to expand its operations in Kenya with the launch of the third phase of its production plant in Kajiado.
In a statement, the firm said it will invest Sh2.5 billion in that phase, pushing the total investment in the country to Sh8.1 billion since 2016 and adding 500 more jobs from 2019. This investment is expected to be a major boost to the country’s manufacturing and housing sector, said the firm’s administrative manager, Ryan Chen.
On Monday, President Kenyatta asked his Chinese counterpart Xi Jinping to enact measures which can raise the volume of goods coming from Africa to China. He asked more Chinese firms to invest locally, saying Kenya has one of the most conducive business environments in Africa.