Turkish ceramic manufacturer to invest Sh23b at Naivasha SEZ
Source：The Standard
From：Taiwan Trade Center, Nairobi
Update Time：2024/04/19
A Turkish firm specialised in manufacturing building materials is expected to provide more than $146 million (Sh23.3 billion) in total funding to accelerate investment in the 1,200-acre Naivasha Special Economic Zone (SEZ), which is expected to employ more than 960 Kenyans.
Turkish Ceramic Granite and Tile SEZ Ltd says it is in the process of injecting $5 million (Sh800 million) for the first phase equity transfer to be channeled to Kenya Commercial Bank following the sales agreement with Tukiye Halkbank.
In addition to the production of MDF, sanitary, tissue, steel and aluminum profiles, the company will also set up a ceramic and granite factory in Naivasha Special Economic Zone.
Mehmet Coşkun, chairman of the company’s board of directors, said in an interview with Enterprise that they monitor the raw materials coming from the country and that they are willing to expand into both local and international markets.
Export market
At least $8.3 million has been spent on the project to date including infrastructure such as roads, excavation, filling, steel construction manufacturing, mobilisation and first stage equity transfer.
Accordingly, at least 70 per cent of the products produced by the company will be for export, and the remaining 30 per cent will be sold domestically.
The company said it will invest $760 million in six factories that are integrated in Naivasha. “The total number of employees of the six factories will be more than 2,800 people,” Coşkun said.
According to Coşkun, Kenya uses $220 million of foreign currency annually on ceramic imports.
He stated that thanks to ceramic and granite investments, the country will save at least 220 million dollars in foreign currency annually
“The ceramic factory in Kenya’s Naivasha Special Economic Zone will bring $125 million of foreign currency to Kenya annually, 70 per cent of which is exported.”
He said that when completed for his company, they will employ at least 960 people.
He explained that the agreement with the Kenyan government was for the government to establish a technical training academy where the government would employ groups that would later be accepted.
According to Coşkun, courses per the certification by the Ministry of National Education will be given at the academy. He then said that they would release our graduates to work in other sectors.
Source: https://www.standardmedia.co.ke/business/enterprise/article/2001489715/turkish-ceramic-manufacturer-to-invest-sh23b-at-naivasha-sez