French firms line up Sh1tr investments in Kenya

Big French brands will invest more than Ksh 1 trillion (US$10 billion) and create thousands of jobs after a ground-breaking visit to Kenya, 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 on Wednesday.

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

The companies include major French firms Schneider Electric, Total, Urbasolar, Peugeot, Sse Air Liquide, Semmaris and Bollore, among others.

“The identified projects will attract more than $10 billion 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.

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President Kenyatta tasked Mohamed 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.