Manufacturers have been urged to take advantage of foreign
investors’ interest in Kenya and create global partnerships.
The call came on Monday, during the Kenya – Japan Business
Forum, in which Japanese manufacturers expressed their interest in investing in
Kenya.
Japan Business Council for Africa Representative Mr. Yokoi
Yasuhiko underscored Kenya’s importance as a trading partner.
“Kenya plays a critical role in free trade, especially in
regional and global trade. We established the Japan Business Council for Africa
to enhance economic relations with African countries. Kenya is a strategic
partner because it is our gateway to developing business regionally besides
being the most promising in terms of economic development,” said Mr. Yokoi
Yasuhiko.
Kenya Association of Manufacturers (KAM) Chair, Mr Sachen
Gudka remarked that collaboration and strategic partnerships are fundamental to
improving business outcomes.
The partnership between Kenyan and Japanese companies will
be a key driver towards the achievement of the Big Four Agenda and increasing
the sector’s contribution to the GDP to 15% by 2022.
“Fostering greater strategic collaboration between local and
foreign manufacturers, government and social sectors will be a critical driver
of innovation and economic growth in 2020 and beyond. The more we increase our
collaboration in driving the efficiency of our local industry, not only will we
realize both our economic goals but also create wealth and increase the purchasing
power of all Citizens,” said Mr. Gudka.
Speaking during the forum, Meghraj Group Chair Mr Binoy
Meghraj noted that foreign direct investment is a sure way of driving
industrial growth in both countries and that global partnerships are key to
ensuring foreign direct investment in the country.
“East Africa and especially Kenya is a fast-growing economy.
The ability to connect with different countries will drive this growth further
and drive industrial growth in both countries. Through this partnership, companies
will enjoy the transfer of information on business processes from the factory
floor to management as well as investments,” said Mr Meghraj.
Japan seeks to partner with Kenya in Agricultural sector,
Food and Beverage, Paper and Board, Metal and Allied, Energy and Electricals,
Automotive, and Building and Construction sector.
The Kenya – Japan Business Forum was organized by Japan’s
Ministry of Economy, Trade and Industry (METI), Japan Business Council for
Africa (JBCA), Kenya Association of Manufacturers (KAM) and Meghraj Capital.
KAM is a Business Member Organization representing value-add
companies and associate services in Kenya. Its members’ significant contribution to the economy is estimated at a
quarter of the country’s Gross Domestic Product.
The Association provides an essential link for co-operation,
dialogue and understanding with the Government and other key stakeholders by
representing its members’ views and concerns through fact-based policy
advocacy.
It promotes trade and investment, upholds standards,
encourages the formulation, enactment and administration of sound policies that
facilitate a competitive business environment and reduce the cost of doing
business.
