French companies are looking to invest $10Bn in Kenya’s key sectors

Kenya is to get investments worth over $10 billion in 12 projects across its manufacturing, energy, agriculture and technology sectors from French investors, according to President Uhuru Kenyatta on Wednesday.

According to an emailed statement from the presidency, almost sixty officials of the French business confederation (MEDEF) have explored Kenya’s investment opportunities so far.

The investments from major French firms like Schneider Electric SE, Total SA, Urbasolar, Peugeot SA and Bollore SA, would also see to the creation of thousands of new direct jobs.

Having been re-elected in 2017, President Kenyatta aims to expand the country’s economy in the next five years by improving food security, erecting 500 housing units, providing health-care facilities and increasing manufacture to 20 percent of gross domestic product.

With the goal of deepening the country’s partnership with French business community, Kenyatta assured the investors that the East African country is ready for business.

Kenya is the largest and the most advanced economy in East and Central Africa; with strong growth prospects supported by an emerging, urban middle class and an increasing appetite for high-value goods and services. The dominant economy in the East Africa Community, contributing to more than 50% of the region’s GDP.