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.