French automaker Peugeot will open a vehicle assembly plant in Kenya, President Uhuru Kenyatta and France’s Economy and Finance Minister Michel Sapin said after signing a deal on Saturday.
Kenyatta said that the $11 million investment by the company “which uses a lion brand” comes at an important time when Kenya is focused on industrializing its economy through such investments.
“My government has worked so hard to make our nation the region’s hub for investment and industry,” Kenyatta said.
“We have worked to remove barriers to Kenyan investors, who want to invest in their own country. The investment signed today by the Peugeot Group to locally assemble motor vehicles in our country at a plant which will be announced in due course is most welcome,” he added.
“It will create thousands of jobs we need for our young people; it will teach them new skills; and it will hasten the growth of associated industries,” the Kenyan leader added.
Sapin, for his part, said his country has confidence in Kenya and that more French firms will come to invest in the East African region.
Along with the new auto assembly plant, France also signed a $128 million agreement to build a dam in Ruiru, Kenya.