South Africans urged to scale up investment in Kenya

South Africa’s President Jacob Zuma with Kenya’s President Uhuru Kenyatta

During his visit to Kenya, President Zuma has called on his country’s business community to increase investments in Kenya.

According to Zuma, there are currently 60 firms from his country operating in Kenya, and he wants to see more South African companies investing in Kenya’s growing economy.

Speaking at a  South Africa-Kenya Business Forum he said that his visit to Kenya will open up a new chapter of the relations between the two countries, pointing out that the business forum provides opportunities to strengthen economic and trade ties.

Zuma said Africa’s future looks bright as seen through the tripartite free trade area of EAC, SADC and COMESA which has 600 million people with a Gross Domestic Product (GDP) of 1 trillion U.S. dollars.

He said that the  two countries have good foundation for economic growth through good national economic development plans of Kenya’s vision 2030 and South Africa’s national development plan of 2030.

Zuma, who arrived in Nairobi on Tuesday at the start of his three-day visit to Kenya, said both plans are intended to transform the economies into rapidly industrialized nations offering their citizens a high quality of life. Xinhua reports

The South African President said to achieve this objective there is need to develop industrial clusters and adjust policies to ensure global competitiveness.

He said initiatives toward achieving this goal are already underway through quadrilateral arrangements between South Africa, Kenya, Nigeria and Egypt to promote industrialization.