Tech

Japanese Industry Invests in Kenya 

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Numerous agreements have been signed by Kenya with Japanese firms,the giant Toyota Tsusho Corporation for car assembly purposes

Numerous agreements have been signed by Kenya with Japanese firms, one of the companies includes the giant Toyota Tsusho Corporation for car assembly purposes. This could reveal nearly $620.7 million in investments in green energy and car assembly.  

The aim of the agreement was to improve income, due to financial issues that had arisen. Rebeca Miano, the Trade Cabinet Secretary, has announced the agreement, but no details were disclosed about the investment plan Toyota had to present. 

In a meeting between Japan and Kenya that took place in October of 2023, an agreement was reached to invest in Kernel – based Virtual Machine (KVM). The presence of KVM is essential, as they assemble various vehicle brands such as Crown Motors (Nissan), PSA Group (Peugeot), and CMC Motors (Nissan Diesel, Eicher, and MAN) 

Dr. William Ruto, the Kenyan President, posted on his official X account stating, “The pact entails Ksh15 billion ($94 million) Meru Wind Farm Energy, Ksh8 billion ($50.2 million) Isiolo Solar Energy, Ksh800 million ($5 million) Thika Kenya Vehicle Manufacturers (KVM)’s initial investment, Ksh75 billion ($470.22 million) Menengai Geothermal Plant and Electrified Vehicles promotion.” 

President Ruto further explained and revealed that the Kenyan delegation had been in contact with Toyota regarding car assembly in Kenya. They are taking into consideration the growing demand for cars in Kenya and so far, positive progress was taking place.  

Kenya purchased 94% of its used cars from Japan and according to Dr, Ruto he stated that “The manufacturing project would increase employment opportunities for our skilled labor force and decrease the quantity of used cars we currently import. That Toyota Tsusho Corporation believes the project is feasible makes me happy. We commit to offering enough incentives to foreign automakers so they will locate in Kenya.”  

Day by day, the presence of African nations at the forefront of tech is increasing.  The continent remains steadfast in its relentless pursuit of excellence. 

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