Kenya still 'preferred investment destination'

06/04/2011 - Kenya property & investment news Posted by Neil King
Kenya still 'preferred investment destination'

Kenya is still the preferred investment destination within the larger East African market.This is the view expressed by the country's vice president Kalonzo Musyoka, who was the chief guest at the ceremony announcing Foton's plans to build a construction plant in Kenya.Mr Musyoka said that the investment by the Chinese firm continued the cordial relationship between the two countries.He added that the move will help with Kenya's economic progression, the Kenya Broadcasting Company reported.Yesterday (April 5th), it was announced that Foton will invest in a 1.2 billion shilling plant in Kenya.The factory will produce around 10,000 units of vehicles a year, designed to be sold in East Africa.By doing this, the Chinese firm will help with Kenya's economy while avoiding the 25 per cent import duty imposed on products made overseas and sold in East Africa.General manager at Foton East Africa Calvin Guo told Business Daily Africa: "Chinese vehicles are generally competitively priced by that aside, we shall invest heavily in service, parts and distribution network to gain market share."