Xinhua News Agency, Nairobi, April 26, Kenya's industrialists on Friday urged business stakeholders to form partnerships to improve the competitiveness of the steel industry and form a better framework for cooperation to shape the future of the industry.
Sachen Gudka, president of the association, noted that the local steel sector had been growing for many years, adding that stronger partnerships with global investors were crucial to achieving growth expectations in the sector.
"Kenya is a country where the trade deficit continues to grow, as evidenced by the figures for the steel industry," Gudka said. But if we can build closer partnerships with our global trading partners and increase their willingness to continue investing in Kenya, we can reverse this disadvantage in a short time.
Gudka also pointed out that if the goals of food security, manufacturing, affordability of housing and universal health care set out in the government's development plan were to be achieved, substantial investment from the steel sector would be needed, as it provided opportunities to accelerate economic growth.
Bobby Johnson, chairman of the steelmaking branch of the Kenya Manufacturers Association, said that although the steel industry continued to grow, its development potential had not been fully exploited due to the challenges of high energy costs, import development fees, railroad development taxes and illegal trade.
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