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Wednesday, February 7, 2024
Kenya and Toyota Tsusho Corporation of Japan have signed a framework agreement for collaboration in vehicle manufacturing and renewable energy development.
On renewable energy development, the agreement included Sh15 billion for the Meru Wind Farm Energy, Sh8 billion for Isiolo Solar Energy, and Sh75 billion Menengai Geothermal Plant. It also entailed the promotion of electrified Vehicles including hydrogen electric vehicles and hybrid vehicles.
The agreement will also see Toyota set up a vehicle manufacturing plant in the country. The company has committed an initial investment of Kshs 800 million in the Kenya Thika vehicle manufacturers.
President William Ruto said the move will bolster Kenya’s industrial sector, strengthen Kenya-Japan ties and expand opportunities for Kenyans. The goal, he said, is to ensure locally manufactured vehicles are affordable and thus discourage the purchase of used cars.
“We must have a balance between the number of imported and newly manufactured vehicles,” he said.
In Tokyo, Japan, President Ruto witnessed the signing of the agreement in the presence of Toyota Tsusho Corporation of Japan President Ichiro Kashitani.
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