M a r k e t N e w s

Kilifi County signs investment deals worth Sh300b

Posted on : Wednesday, 23rd November 2016

 Entrepreneurs will put in Sh300 billion in investments in Kilifi County following the conclusion of the inaugural Kilifi International Investment Conference which ended on Friday.

The deals are not inclusive of the Sh100 billion Centum Investment Limited committed earlier for the construction of an industrial park at Vipingo in Kilifi South.

“The Sh300 billion deals signed here today is a vote of confidence for Kilifi County as an ideal investment area. This money will be invested in Kilifi within eleven years,” said Governor Amason Kingi.

The conference brought together about 500 local and international entrepreneurs looking for investment opportunities in Kilifi. The county is looking for people to invest in Titanium and Manganese minerals extraction and farming. Kingi said his administration was committed to reducing bureaucracy and giving other incentives such as cheap land to the investors.

“These deals will change the landscape of Kilifi completely. As we speak some firms have begun work and I assure them and many more that want to invest that I offer them the bestinvestment environment,” he said.
Among the companies that signed a Memorandum of Understanding (MoU) on Friday is agribusiness firm Tembo Farming, which announced a Sh80 billion plan to set up a sugar plantation in Kilifi.
Tova Environmental said it would invest Sh150 billion in water desalination or purification, a project aimed to ease water shortage in the county. “Another important deal signed was for the construction of a seaport and special economic zones at Takaungu area.
RK Sangani Company will inject Sh70 billion and a feasibility study has been completed,” said Kilifi County Secretary Dr Owen Baya. Renewable energy solution provider SUNfarming GmBH also signed a deal to develop solar energy at a cost of Sh6 billion.
Other investors  are United States health solution firm, FIO Corporation, which undertook to invest Sh1 billion and Dutch firm OSO Enschede that plans to come up with a new road construction technology in the county.
Royal Teas and Commodities will invest Sh35 million to establish a cashewnut factory.
Dida Ranch Director Dr Tsofa Mweni said his firm would pump in Sh650 million for real estate investment, while Roka Investment Ltd’s Robert Okora undertook to inject Sh100 million in agribusiness and energy.
Jubilee Group will also put up a steel manufacturing plant at a cost of 600 million, according its official, Mr Inbravadan Patel.
According to the MoU, the firms’ top managers who signed the deals with Kingi committed to actualise their venture within eleven years. Centum Director Chris Kirubi said, “In the next ten years we will have injected Sh100 billion into Kilifi county through our project in Vipingo.”
The eleven deals signed cover investments in agribusiness, health, real estate, manufacturing, tourism and infrastructure construction.
Investors, however, raised fears over illegal land invasion and instability on fiscal regimes at the counties, terming them obstacles to investments. They said uncertainty over land ownership at the Coast should be addressed to stimulate investment.
“What an investor is looking for is stability and certainty in fiscal regimes like taxes, rates and other levies before he can put his or her money somewhere,” said Bruno Pescheux, Bamburi Cement CEO.

Source : www.standardmedia.co.ke
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