NAIROBI, Kenya, May 2 – The government has committed to supporting the growth of local industries in the manufacturing sector to increase its contribution to GDP to 20 percent by 2027.
Speaking during the re-commissioning of the East African Portland Cement Company, Trade and Investments Cabinet Secretary Rebecca Miano said that state support for the sector will enhance competitiveness and boost the nation’s industrial landscape.
“The successful re-commissioning of the East African Portland Cement plant marks a transformative moment in our nation’s industrial landscape, a symbol of the Government’s unwavering commitment to revitalizing and growing our manufacturing sector,” she said.
The Trade CS affirmed that the strategic plan will help unlock the economy by attracting investment in the manufacturing sector and creating employment.
She noted that investments in plant refurbishment and modernization will help the company the company regain profitability and resume dividends in the coming fiscal year 2024–25.
CS Miano pointed out that the ministry is intending to introduce an export and investment promotion levy to support local manufacturing, spur investments, and increase exports.
“Introducing the Export and Investment Promotion Levy is a prime example of this commitment. By levying 17.5 percent on the importation of clinker, the government aims to reduce the reliance of local cement companies on imported raw materials and promote the growth of domestic industries,” she stated.
Additionally, the government is also focusing on promoting import substitution in energy consumption in order to reduce dependence on imported energy sources as well as create a more sustainable and self-sufficient energy ecosystem.
