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French Firms Plan to Invest $10 Billion in Kenya

French companies will invest $10 billion in Kenya in roads, energy, manufacturing and other sectors, a Kenyan official said on Wednesday.

The two countries have been trying to boost business links in recent years, and French companies like Total SA and Peugeot SA already have investments in the East African nation.

“The identified (investment) projects will attract more than $10 billion in investments and create thousands of new direct jobs,” Adan Mohamed, the minister for industrialisation, said in a statement sent from the presidency.

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.

President Kenyatta tasked the Industrialisation Cabinet Secretary 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.

Apart from executives at Total and Peugeot, other firms that sent representatives on the Kenyan visit included Schneider Electric, SSE Air Liquide and Bollore, the Kenyan presidency said.

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