Investors in the manufacturing industry will now enjoy a 50 percent electricity tariff reduction for night production, President William Ruto has said. https://rb.gy/al099t
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00:00 [MUSIC]
00:10 >> You work for how many hours?
00:19 >> Eight hours.
00:20 >> Eight hours.
00:21 >> For the many of you who have told me that there is opportunity in
00:26 the fabric space because a lot of fabric that is currently being used in
00:31 our EPZ comes from imports from other countries.
00:36 We have an opportunity as a country and
00:37 we are seizing that opportunity to produce cotton locally.
00:41 Secondly, many companies have asked us also about the cost of power.
00:49 And we are working on how to make sure that
00:54 the cost of power is investor friendly, is manufacturing friendly.
00:59 And the first step we have agreed with industry is that
01:03 those who will produce at night because we have excess power at night,
01:10 we are going to reduce the tariff by 50%.
01:15 [APPLAUSE]
01:21 Initially, it used to be a requirement that for
01:25 you to benefit from that 50% tariff at night,
01:29 you must produce at full capacity during the day.
01:31 We have since.
01:33 From the first of this May, that requirement will not be necessary.
01:40 So you can produce- >> [APPLAUSE]
01:44 >> At any time that you wish and
01:47 take advantage of reduced power tariff.
01:51 >> The Kenyan apparel business and
01:53 textile sector is large, fast growing, and a very exciting sector.
01:57 I think among the most exciting sectors in all of Kenya.
02:01 And this gathering represents a robust opportunity for the industry.
02:05 An industry with skilled and trained workers.
02:09 High quality manufacturing and
02:10 strong relationships with global buyers and global markets.
02:15 We have US buyers here today including Walmart, PVH, the children's place,
02:20 who are already sourcing from Kenya or
02:23 are exploring new relationships with many of the companies here.
02:27 We're also joined by global designers and manufacturers including Singtex, PM&J,
02:33 and Hoplum, who supply for major US brands like Target.
02:37 And are exploring potential new partnerships here in Kenya.
02:41 [BLANK_AUDIO]