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Kenya and Toyota Tsusho Corporation of Japan have signed a framework agreement for collaboration in vehicle manufacturing and renewable energy development.
The agreement will see Toyota set up a vehicle manufacturing plant in the country. The company has committed an initial investment of Kshs 800 million in the Kenya Thika vehicle manufacturers.
President William Ruto said the move will bolster Kenya’s industrial sector, strengthen Kenya-Japan ties and expand opportunities for Kenyans.
The goal, he said, is to ensure locally manufactured vehicles are affordable and thus discourage the purchase of used cars.
“We must have a balance between the number of imported and newly manufactured vehicles,” he said.
In Tokyo, Japan, President Ruto witnessed the signing of the agreement in the presence of Toyota Tsusho Corporation of Japan President Ichiro Kashitani.
On renewable energy development, the agreement included Sh15 Billion Meru Wind Farm Energy, Sh8 Billion Isiolo Solar Energy and Sh75 Billion Menengai Geothermal Plant.
It also entailed the promotion of electrified Vehicles including hydrogen electric vehicles and hybrid vehicles.
Distributed by APO Group on behalf of President of the Republic of Kenya.
This Press Release has been issued by APO. The content is not monitored by the editorial team of African Business and not of the content has been checked or validated by our editorial teams, proof readers or fact checkers. The issuer is solely responsible for the content of this announcement.
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