More needed to make Kenya the region's investment hub

France Minister for Finance and Economy Michel Sapin and Treasury CS Henry Rotich sign an agreement during announcement of Industrialization Agenda at State House, Nairobi. (Photo:Boniface Okendo/Standard)

Once again, the scrapping of a 20 per cent excise tax on locally assembled vehicles appears to have paid dividends. Peugeot, the iconic French brand, is making a comeback into the economy with a Sh1.2 billion investment in a vehicle assembly plant. With it, 200 Kenyans will get employed directly.There has been good news about the economy recently.

Manufacturing output grew by 3.5 per cent in 2016. Wrigley, the American confectionery conglomerate invested Sh5.8 billion in a plant in Machakos, Volkswagen (VW) Group, the world’s largest car manufacturer, started production at its Thika plant late last year. Last month, the engines were turned on at Pan-Paper Mills.