{"id":92845,"date":"2024-02-07T11:21:21","date_gmt":"2024-02-07T08:21:21","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/business\/?p=92845"},"modified":"2024-02-07T11:21:21","modified_gmt":"2024-02-07T08:21:21","slug":"toyota-to-open-a-vehicle-manufacturing-plant-in-kenya","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/business\/2024\/02\/toyota-to-open-a-vehicle-manufacturing-plant-in-kenya\/","title":{"rendered":"Toyota to open a vehicle manufacturing plant in Kenya"},"content":{"rendered":"<p><strong>TOKYO, Japan, Feb 7 &#8211; Kenya and Toyota Tsusho Corporation of Japan have signed an agreement that will see the company set up a vehicle manufacturing plant in the country.\u00a0<\/strong><\/p>\n<p>President William Ruto said Kenya is enhancing its partnership with Toyota to bolster vehicle manufacturing in the country.<\/p>\n<p>The President said Kenya is keen on reducing the number of secondhand imported vehicles. He pointed out that Kenya imports up to 10,000 used vehicles every month, a figure he said was too high.<\/p>\n<p>The Head of State said the partnership between Kenya and Toyota will ensure locally manufactured vehicles are affordable and thus discourage the purchase of used cars.<\/p>\n<p>\u201cWe must have a balance between the number of imported and newly manufactured vehicles,\u201d he said.<\/p>\n<p>He made the remarks on Wednesday during a meeting with Toyota Tsusho Corporation of Japan president Ichiro Kashitani in Tokyo.<\/p>\n<p>The President said Kenya will offer incentives, including tax, to support Toyota\u2019s manufacturing plant in Kenya. This will advance the country&#8217;s agenda to support local industry and create opportunities for skilled Kenyans.<\/p>\n<p>\u201cKenya is open for business that will benefit both the people of Kenya and Japan,\u201d he added.<\/p>\n<p>Mr Kashitani said Toyota will support Kenya\u2019s ambitious plan of setting up a vehicle manufacturing plant for the country and the region.<\/p>\n<p>\u201cI am encouraged by the strong desire by the government of Kenya to upgrade our engagement from import of second-hand vehicles to manufacture of new vehicles for the Kenyan market,\u201d he said.<\/p>\n<p>Kenya and Toyota Tsusho Corporation of Japan also signed agreements of cooperation in the green energy value chain, including wind, solar and geothermal development, and promotion of Hydrogen Electric Vehicles.<\/p>\n<p>The organisation will support the development of the KSh15 billion Meru Wind Power Project, Menengai Geothermal Plant worth Kshs 75B and\u00a0 KSh8 billion Isiolo solar power projects.<\/p>\n<p>\u201cWe are committing to support Kenya\u2019s efforts to develop clean green energy in its commendable efforts to mitigate the effects of climate change,\u201d said Mr Kashitani.<\/p>\n<p>President Ruto urged Japanese companies to invest in Kenya&#8217;s manufacturing sector and enjoy the country\u2019s abundant renewable energy resources that are cost-effective.<\/p>\n<p>\u201cI ask Japan to focus more on industrial development investment in Kenya and utilise the power we seek to generate,\u201d he said.<\/p>\n<p>The President said Kenya is also keen on manufacturing its own transformers to reduce power losses in transmission.<\/p>\n<p>The agreements were signed by Cabinet Secretaries Davis Chirchir (Energy and Petroleum), Kipchumba Murkomen (Roads and Transport) and Rebecca Miano (Investment, Trade and Industry).<\/p>\n<p>Prime Cabinet Secretary Musalia Mudavadi said<\/p>\n<p>President Ruto has taken the lead in driving the campaign on climate change in Africa.<\/p>\n<p>\u201cThis agreement, especially on clean green energy, will go towards enhancing that initiative,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TOKYO, Japan, Feb 7 &#8211; Kenya and Toyota Tsusho Corporation of Japan have signed an agreement that will see the company set up a vehicle manufacturing plant in the country.\u00a0 President William Ruto said Kenya is enhancing its partnership with Toyota to bolster vehicle manufacturing in the country. The President said Kenya is keen on [&hellip;]<\/p>\n","protected":false},"author":13683,"featured_media":59850,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[934,822,5486,105,16721],"coauthors":[730],"class_list":["post-92845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kenya","tag-featured","tag-kenya","tag-open","tag-toyota","tag-vehicle-manufacturing-plant"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Toyota to open a vehicle manufacturing plant in Kenya - Capital Business<\/title>\n<meta name=\"description\" content=\"TOKYO, Japan, Feb 7 - Kenya and Toyota Tsusho Corporation of Japan have signed an agreement that will see the company set up a vehicle manufacturing plant Kenya breaking news | Kenya news today |\" 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