SPEECH BY HIS EXCELLENCY, HON. MWAI KIBAKI, CGH, MP, PRESIDENT AND COMMANDER-IN-CHIEF OF THE ARMED FORCES OF THE REPUBLIC OF KENYA DURING THE OFFCIAL OPENING OF THE MUKWANO GULF STREAM LIMITED BULK STORAGE VEGETABLE OIL AND CHEMICALS ON 30TH DECEMBER 2005 AT KENYA PORTS AUTHORITY MOMBASA

Distinguished Guests,

Ladies and Gentlemen,

I am delighted to join you on this occasion of the official opening of the Bulk Liquid Storage facility run and managed by Gulf Stream Investments (Kenya) Limited which is a subsidiary of the Mukwano Group.

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 affiliated companies in Uganda and Kenya. This is in addition to their use of Dar-es-Salaam Port for their Tanzania operations.

As a further testimony of the Group's confidence in Kenya, and East Africa, I note that the Mukwano Group have over the past 3 years invested 5.5 million US Dollars on this new Storage and Handling facility with a capacity of 16,800 cubic metres of bulk liquid storage for oils and chemicals both for export and import.

When completed, the facility will handle 32,000 metric tones of tank storage capacity. As a measure of efficiency and flexibility, the facility is designed such as to allow reverse action for export of bulk liquids.

At the moment this facility is used for handling vegetable oils and chemicals for the group and other customers using Mombasa Port. It is envisaged that this facility will make Mombasa Port a vital regional hub for storage of vegetable oils and chemicals.

This facility will also reactivate and rejuvenate the currently dormant coconut oil sector in East Africa by offering cost effective storage and handling facilities and access to empty vessels discharging at the port which would normally leave Mombasa empty.

Additionally, this facility will enhance and encourage trade in East Africa and in the COMESA region, besides creating new employment opportunities for the region.

My Government welcomes this investment and commends Gulf Stream Investments (Kenya) Limited and the Mukwano Group for its show of confidence in Kenya as an investment destination.

Investments, such as this one, are crucial to the economic development of our country.

A predictable economic environment is crucial for investors as it allows them to make long-term investment decisions.
My Government is committed to maintain a stable macroeconomic environment to sustain such investment confidence and predictability.

Ladies and Gentlemen,

My 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 Kenya. Of course, this facility cannot operate efficiently without a well-managed port. We shall expect the Kenya Ports Authority to redouble its effort to serve this facility and to sustain the growth of this bulk liquid throughout.

Ladies and Gentlemen,

Let me once again commend the management team of Mukwano Group for this investment.
With these remarks it is now my pleasure to declare the Mukwano Gulf Stream Limited Bulk Storage for Vegetable Oil and Chemicals officially open.

Thank you and God Bless you all.