President William Ruto on Wednesday, February 7 witnessed the signing of a collaboration framework agreement between Kenya and Japan’s Toyota Tsusho Corporation at their headquarters.
The agreement marks a crucial step towards enhancing investment in the green energy value chain sector in Kenya and fostering technological advancements in the automotive industry.
Statehouse spokesperson Hussein Mohamed noted that the collaboration between Kenya and Tsusho Corporation encompasses various aspects, including the green energy value chain, particularly focusing on the Meru Wind power project, Menengai Geothermal, and Isiolo solar power projects.
He also added the promotion of electrified vehicles as well as the enhancement of the car assembly industry as some of the areas the agreement will touch.
During this meeting, President Ruto hosted a delegation from CFAO Kenya Ltd and Toyota Tsusho Corporation.
The discussions revolved around several key initiatives aimed at revitalizing the Kenyan economy and fostering sustainable development through e-mobility and introduction of hybrid, BEV and HEV vehicles by CFAO.
One of the focal points of the discussions was the proposed revival of KVM, a venture partly owned by the Government of Kenya (GoK) and CFAO.
“The proposed project will allow locally manufacturing Amorphous Alloy Transformers, which will generate employment and reduce cases of power loss in our grid,” CS Miano stated then.
CS Miano alongside Transport CS Kipchumba Murkomen and Treasury CS Davis Chirchir accompanied President William Ruto to Japan for the signing of this critical deal.
Also, President William Ruto affirmed the significance of the collaboration between Kenya and Toyota Tsusho Corporation detailing the amount the pact entails.
“The pact entails Sh15 Billion Meru Wind Farm Energy, Sh8 Billion Isiolo Solar Energy, Sh800 Million Thika Kenya Vehicle Manufacturers’ initial investment, Sh75 Billion Menengai Geothermal Plant and Electrified Vehicles promotion,” reads a statement in his official X account.
The signing of the collaboration Framework Agreement between Kenya and Toyota Tsusho Corporation marks a significant milestone in the country’s journey towards sustainable development and economic prosperity.
By leveraging the expertise and resources of both parties, this partnership is poised to unlock new opportunities, propel innovation, and pave the way for a greener, more resilient future for Kenya.