Kenya’s President Uhuru Kenyatta on Saturday announced that French Automaker of Peugeot had signed a contract to start assembling two car models in Kenya by June 2017.
The $11 million deal was witnessed by French Minister for Economy and Finance Michel Sapin. The company said it will assemble the Peugeot 508 and 3008 models from kits of pre-assembled modules with local partner URYSIA.
The investment will initially produce about 1,000 vehicles annually, PSA said. The Peugeot brand previously assembled vehicles in the east African country between 1974 and 2002.
“We have worked to remove barriers to Kenyan investors, who want to invest in their own country. The investment signed today by the Peugeot Group to locally assemble motor vehicles in our country at a plant which will be announced in due course is most welcome,”said President Kenyatta.
(Reuters, Peugeot, Kenyan Wall Street)