French firms eye Sh1trn investments in Kenya


Industrialisation CS Adan Mohamed. FILE PHOTO | NMG

French firms are set to invest more than Sh1 trillion ($10 billion) in 12 projects covering roads, energy, food security, health and technology sectors in a move expected to create thousands of jobs, government officials have said.

Officials of the French Business Confederation (Medef) Wednesday said the firms include Schneider Electric, Total, Urbasolar, Peugeot, Sse Air Liquide, Semmaris and Bollore.

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

“The identified projects will attract more than $10 billion in investments and create thousands of new direct jobs,” said Industrialisation cabinet secretary Adan Mohamed.

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The delegation is also willing to set up centres of excellence to help in transferring skills to Kenyans.

Medef president Pierre Gattaz said French technology firms are ready to work closely with Kenyan technical and vocational training centres to boost the country’s pool of trained and skilled workers.

President Uhuru Kenyatta, while meeting the delegation, tasked Mr Mohamed to co-ordinate the investment plans by the French firms.