Rostam Aziz’s gas plant is the largest private investment in Kenya since the collapse of the EAC
Mombasa. Kenya’s President William Ruto has on Friday, February 24, commissioned a multibillion-shilling cooking gas plant owned by Tanzanian tycoon, Rostam Aziz a project that promises to bring competition in the sector and bring down consumer prices of the commodity.
The $130 million investment by Tanzania's Taifa Gas is the largest private foreign direct investment in Kenya since the collapse of the East African Community in 1977.
Speaking during the ground-breaking ceremony of the Taifa Gas at the Special Economic Zone Limited in Mombasa County, Ruto called Rostam Aziz a resilient investor who has been through a lot.
“I know the struggles he has been through to get to this point. The investment should've been done 5 years ago, but it was delayed due to government shenanigans here in Kenya. I have put that to an end,” he said
HE added: We are keen on increasing the per capita consumption of Liquefied Petroleum Gas (LPG) at the household level by implementing incentives that promote its use.
“We will achieve this through the development of a common user terminal for LPG at the Port of Mombasa and the implementation of the Open Tender System in the importation of the product,” he said.
Speaking on investments in Africa Rostam Aziz said it is easier to import from China, India than from either Kenya or Uganda,
"We value Western partners more than our own in Africa. There's a lot of mistrust and fear among ourselves instead of building together."
The two largest economies in the region had faced an acrimonious relationship in the past that threatened to further create division.
However, in 2021, President Samia Suluhu Hassan and then Kenyan President William Ruto met and resolved 23 trade barriers, leading to record-breaking trade figures between Tanzania and Kenya.
For the first time, trade between Tanzania and Kenya crossed the Sh2 trillion mark in 2022. With the latest investment by Taifa Gas, the Kenyan government says its doors are open to more Tanzanian investors.
"We have leaders who are focused on building their economies through partnerships. This creates a prosperous environment for investment," said Rostam during the foundation stone-laying event in Dongo Kundu, Mombasa.
Kenya's cabinet secretary for investment, trade, and industry, Moses Kuria, said the message being sent by the two heads of state of Kenya and Tanzania show that there is a brighter future in trade relations in the region.
