Kenyans now have the opportunity to procure Japanese automobiles using the local currency, shillings, with the inauguration of a car auction at the Naivasha Special Economic Zone (SEZ).
President William Ruto unveiled Jumbo Africa Auto Auction Ltd on Wednesday, facilitating the purchase of vehicles domestically, thereby mitigating reliance on car bazaars or the cumbersome online ordering process.
Inaugurating the auction, President Ruto highlighted the significance of the industrial park within the Naivasha SEZ, stating its impotant role in advancing the nation's industrialisation agenda.
He said that this establishment marks Africa's maiden Japanese car auction, a major development for the country.
"Many skeptics doubted the fruition of this industrial park. Fortunately, we have delivered on our promise," said President Ruto.
President Ruto highlighted the key role of the Special Economic Zone in enabling transactions denominated in Kenyan shillings, promoting competitive bidding and lowering acquisition costs compared to conventional purchasing and vehicle importation methods.
Additionally, he anticipated a surge in vehicle demand, which is expected to catalyse growth in the automotive sector, particularly in vehicle spare parts.
The President announced forthcoming investments, with five additional investors poised to establish operations in Naivasha, including an electric vehicle manufacturing company.
As part of the expansion plan, the government has procured an additional 5,000 acres to transform Naivasha into a fully-fledged industrial hub.
"Our Special Economic Zone initiative is maturing, validating its core vision of leveraging private investment as the primary engine of economic expansion in our nation," he said.
Japanese Ambassador to Kenya, Okaniwa Ken, affirmed the firm support of the Japanese government towards investments in the special economic zone.
"Kenya serves as a gateway to African markets, paving the way for expanded opportunities," he remarked.
Expressing gratitude for the governmental support, Jumbo Africa Auto Auction Ltd CEO Zahid Khan and Chairman Chaudhry Rehman reiterated their commitment to contributing to Kenya's economic growth trajectory through their enterprise.
