Use the Browser BACK button to return to listings

Mombasa, December 30 , 2005

President Mwai Kibaki is conducted on a tour of the Gulf Stream Investiments Limited by the Managing Director of Mukwano, Mr. Ali Khan Karmali during the official opening of the institution at the Kenya Ports Authority, Mombasa.

President Kibaki reassures investors

President Mwai Kibaki has reassured both local and foreign investors that the Government will continue implementing policies that encourage them to do business in the country.

Speaking when he officially opened Mukwano Gulf Stream Limited Bulk storage facility at the Kenya Ports Authority Mombasa today, President Kibaki encouraged the investors to take advantage of the existing opportunities in the country to expand their investments.

He noted that the expansion of both local and foreign investments would not only help in economic growth but also create the much needed employment opportunities for the country’s youth.

“We encourage you to invest more in Kenya so that you can play a role in uplifting the lives of Kenyans,” President Kibaki said.

The President reiterated the Government’s commitment to maintaining a stable macroeconomic environment in order to sustain investors’ confidence and promote predictable economic environment.

Said the President: “A predictable economic environment is crucial for investors as it allows them to make long-term investment decisions.”

President Kibaki added that the Government has also undertaken additional measures to further improve the investment climate by reviewing the business licensing regime so as to reduce the cost of doing business in the country.

Commending the Mukwano group for their investments in the country, President Kibaki noted that the Company’s new investments is a testimony of their confidence in Kenya as an investment destination.

“For two decades, Mukwano Group has been using Mombasa as their port of choice for moving about 13,500 metric tones of cargo a month for their affliated companies in Uganda and Kenya,” the President noted.

He added that over the last three years the company has invested 5.5 million US dollars on the facility, which is used for the storage of liquid oils and chemicals for both export and import.

The Head of State said the facility, which will also reactivate and rejuvenate the current dormant coconut oil sector in East Africa by offering cost effective storage and handling facilities is envisaged to make Mombasa port a vital regional hub for storage of vegetable oils and chemicals.

He further said that apart from enhancing and encouraging trade in East Africa and in the COMESA region the facility will also help in creating new employment opportunities for the region.

President Kibaki pointed out that the East African countries are working closely to promote investment in the region and welcome investors from all over the world to improve the lives of the people in the region.

The President, however, said the new facility cannot operate efficiently without good management within the port and therefore challenged the Kenya Ports Authority to redouble its efforts in its provision of good service so as to sustain the growth of the bulk liquid storage.

Speaking during the occasion, Trade and Industry Minister Mukhisa Kituyi stressed the need to promote trade and investment not only in Kenya but also in the other East African countries.

The Minister said that joint trade and investment ventures will fuel the speedy integration of the East African countries and improves the economy of the region.

Present were First Lady Lucy Kibaki, Ministers Suleiman Shakombo, John Michuki, Chirau Ali Mwakwere, Morris Dzoro, and Kivutha Kibwana, Assistant Minister Annania Mwaboza and Abu Chiaba, KPA Managing Director Browne Ondego and senior Government officials including Coast PC Cyrus Maina.