French firms commit to invest Sh1tr

French firms commit to invest Sh1tr
Cash. Photo/File

PSCU @PeopleDailyKe

Big French brands will invest more than $10 billion (Sh1 trillion) and create thousands of jobs after a ground-breaking visit to Kenya, Kenyan and French officials said.

The French firms have identified 12 projects spanning industry, roads, energy, food security, health and technology for their investments, officials of the French business confederation (MEDEF) told President Uhuru Kenyatta yesterday.

More than 60 business executives under the umbrella of MEDEF have been in the country meeting their Kenyan counterparts (Kenya Private Sector Alliance) and have identified projects they want to invest in.

The companies included major French firms Schneider Electric, Total, Urbasolar, Peugeot, Sse Air Liquide, Semmaris and Bollore among many more. “The identified projects will attract more than $10 billion (Sh1 trillion) in investments and create thousands of new direct jobs,” said Industrialisation Cabinet secretary Adan Mohamed.

The representatives of the delegation also informed President Kenyatta that they were willing to set up centres of excellence where they could help in transferring skills to Kenyans. MEDEF president, Mr Pierre Gattaz, said French technology companies are ready to work closely with Technical and Vocational Training centres to boost Kenya’s pool of trained and skilled workers.

President Kenyatta tasked the Industrialisation CS to coordinate the investment plans by the French companies and to also update him on a monthly basis on progress achieved.

“I am looking forward to deepening the partnership between Kenya and the French business community,” said the President as he assured the investors that Kenya is ready for business with them. On Tuesday, President Kenyatta attended a business forum bringing together the French investors and their Kenyan counterparts.

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