NEWS
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Kenyans now have the opportunity to procure Japanese automobiles using the local currency, shillings, with the inauguration of a car auction at the Naivasha Special Economic Zone (SEZ).
President William Ruto unveiled Jumbo Africa Auto Auction Ltd on Wednesday, facilitating the purchase of vehicles domestically, thereby mitigating reliance on car bazaars or the cumbersome online ordering process.
Inaugurating the auction, President Ruto highlighted the significance of the industrial park within the Naivasha SEZ, stating its impotant role in advancing the nation's industrialisation agenda.
He said that this establishment marks Africa's maiden Japanese car auction, a major development for the country.
Many skeptics doubted the fruition of this industrial park. Fortunately, we have delivered on our promise," said President Ruto.
President Ruto highlighted the key role of the Special Economic Zone in enabling transactions denominated in Kenyan shillings, promoting competitive bidding and lowering acquisition costs compared to conventional purchasing and vehicle importation methods.
Additionally, he anticipated a surge in vehicle demand, which is expected to catalyse growth in the automotive sector, particularly in vehicle spare parts.
The President announced forthcoming investments, with five additional investors poised to establish operations in Naivasha, including an electric vehicle manufacturing company.
As part of the expansion plan, the government has procured an additional 5,000 acres to transform Naivasha into a fully-fledged industrial hub.
"Our Special Economic Zone initiative is maturing, validating its core vision of leveraging private investment as the primary engine of economic expansion in our nation," he said.
Japanese Ambassador to Kenya, Okaniwa Ken, affirmed the firm support of the Japanese government towards investments in the special economic zone.
"Kenya serves as a gateway to African markets, paving the way for expanded opportunities," he remarked.
Expressing gratitude for the governmental support, Jumbo Africa Auto Auction Ltd CEO Zahid Khan and Chairman Chaudhry Rehman reiterated their commitment to contributing to Kenya's economic growth trajectory through their enterprise.
Kenya’s journey to becoming a global industrial powerhouse is on course, President William Ruto has said.
He cited the current robust investor confidence, saying it is attracting substantial foreign and local investments and elevating the country’s industrial agenda.
“Our Special Economic Zone programme is coming of age, vindicating its driving vision
of mobilising private investment as the primary driver of economic growth in our country,” he said.
The programme, he said, is aimed at increasing employment, growing exports, enhancing supply and boosting Kenya’s foreign exchange earnings.
President Ruto made the remarks during the official opening of Jumbo Africa Auto Auction Ltd at the Naivasha Special Economic Zone.
Afterwards, he broke ground for the construction of 1000 affordable housing units at the special economic zone.
The President said the Government had invested heavily in similar economic zones across the country. These are Dongo Kundu in Mombasa, Sagana (Kirinyaga), Thika, Egerton, Eldoret and Busia.
He said the Naivasha Special Economic Zone’s industrial park is a major boost in the country’s industrialisation. The President pointed out that the facility is the first Japanese car auction in Africa.
“Many doubted this industrial park will become a reality. Fortunately, we have kept our word,” the President said.
He announced that five more investors will soon set up base in Naivasha, among them n electric vehicle manufacturing company.
The Government has bought an extra 5,000 acres to make Naivasha a full-fledged industrial city.
The President noted that the Special Economic Zone will enable buyers purchase vehicles using the Kenya shilling rather than dollars.
“Competitive bidding will guarantee lower prices enhancing the savings buyers will accrue compared to traditional purchasing and car importation,” he added
He said the high demand for vehicles is expected to stimulate the vehicle spare parts industry and overall activities in the automotive sector.
This, he said, will lead to the expansion of the overall economy and the introduction and adoption of emerging technologies.
Jumbo Africa Auto Auction Ltd CEO Zahid Khan and chairman Chaudhry Rehman expressed their gratitude for the support the Kenya Government had offered them.