Kibaki opens steel mill, urges firms to target EAC market

By Wairimu KamandeKenyans have been urged to exploit opportunities provided by the implementation of the East African Community Common Market Protocol.Speaking in Ruiru yesterday, President Mwai Kibaki said Kenyans should feel free to venture into other countries within East Africa to conduct business."You should take the opportunity and tour the whole region for exposure and business. You should feel free to own property anywhere in the region," he said.The president was speaking when he officially opened Maisha Mabati Mills Ltd, a subsidiary of Devki Steel Mills.He also urged local industries to position themselves strategically in order to benefit from the vast market, slated for implementation in July this year.Vast market"I note that iron and steel sector has exported products to Eastern and Central African countries worth Sh7 billion. As we continue to deepen the EAC integration process, I urge industries to position themselves to reap from the unfolding vast market," he said.He assured manufacturers that the Government was committed to combating counterfeit products while improving competitiveness and productivity."Those found in possession of counterfeit goods or goods of sub-standard quality will be dealt with accordingly," he warned.The president decried the export of local material in their raw form or with little value addition. As a result, he called for an urgent creation of incentives to promote value addition among investors."I urge investors to venture into value addition which will fetch attractive returns," said the president.At the same time, Vice President Kalonzo Musyoka called on Kenyans to take advantage of the improved infrastructure in the country and invest."Do not be afraid to borrow money in order to invest," he said.Energy costsThe minister for industrialisation, Henry Kosgey said his ministry intends to increase the Kenyan market share in the region from 7 per cent to 15 per cent.He urged investors to produce quality and competitive products to meet the target.Kosgey decried the energy high cost energy in the country, saying it was too high compared to the cost in other EAC and COMESA members."There is need to have access to cheaper energy to be competitive in the market," he said.He also said land in the country ought to be made available to investors on free lease.According to the Chief Executive Officer of Maisha Mabati, Ravendra Raval, the new plant, which cost over $40 million, will create over 400 jobs.Immigration Minister Otieno Kajwang, Youth Affairs and Sports Assistant Minister Wavinya Ndeti and MPs George Thuo and Kiema Kilonzo accompanied the President.&#12288;&#12288;

Kibaki opens steel mill, urges firms to target EAC market

Get Full Access for Ksh299/Week.

Related Topics

Similar Articles

Latest Stories

The Standard Insider

Digger Classified

GET OUR NEWSLETTER

CONNECT WITH US

FOR THE LATEST JOB ADVERTS

Similar Articles

Why Ruto is at odds with Treasury numbers

How Nairobi bourse got its groove back

Rogue cable firms and ISPs face jail terms, hefty fines

Climate funds reach millions as counties post 87pc performance rate

DIGGER JOBS

Digger Motors

Digger Real Estate

Kibaki opens steel mill, urges firms to target EAC market

Get Full Access for Ksh299/Week.

Related Topics

Similar Articles

Latest Stories

The Standard Insider

Digger Classified

GET OUR NEWSLETTER

CONNECT WITH US

FOR THE LATEST JOB ADVERTS