President William Ruto has opened the door for one of the leading tyre makers in the world to set up manufacturing plant in Kenya.
The President on Friday, January 17, met Wang Feng, chairman of Linglong Tyres, with the two leaders discussing among them the prospect of the tyre company to set up shop in the country.
In a statement on his X account, President Ruto reiterated his commitment to enhancing incentives which in turn reels in potential foreign investors.
“Kenya continues to position itself as a premier destination for foreign investment, offering a range of attractive incentives designed to encourage investor confidence,” Ruto said.
President William Ruto alongside Wang Feng, chairman of one of the biggest tyre companies in the world. PHOTO/William Ruto.
He added, “I held talks with Linglong Tyres Chairman Wang Feng, who plans to set up a factory in Kenya to serve the African market.”
Linglong Tyres is one of the biggest players in the tyre industry globally. Stock analysis shows that since July 2016, its market cap has increased from KSh2.9 trillion (22.43B) to KSh 3.38 trillion (25.76B) – a figure which indicates an annual growth rate of 1.63%.
Notably, Chelsea Football Club, one of the most popular football teams in England, also signed a partnership with the highly profitable Chinese company.
As part of the partnership,the company is set to provide tyres for the Chelsea FC men’s team bus in the UK.
Dig Deeper: Ruto has been keen on attracting foreign investors as a way of boosting the country’s GDP, particularly after the Finance Bill 2024 was dropped following outrage from Kenyans.
In September 2024, the President spoke during the US-Kenya Business and Investment Roundtable organised by the Corporate Council on Africa where he subtly called on foreign investors to take advantage of Kenya’s well-educated and trained workforce and abundant renewable energy resources to ply their trade in the country.
Ruto said his government was keen on improving laws and policies in the country to meet the requirements of international investors.
“You are welcome to invest in the numerous opportunities available in these value chains and be part of Kenya’s industrial and export success,” the President told investors last year.
President William Ruto onboarding a plane during a recent trip to Accra, Ghana on January 2025.
PCS