Kenyan Buyers to Benefit from Japanese Used Car Auction in Naivasha

The Special Economic Zones Authority (Seza), led by CEO Dr Kenneth Chelule, is gearing up for the highly anticipated launch of an auction for Japanese used cars in Naivasha, Nakuru County.

This initiative, scheduled to begin on April 24, 2024, promises to revolutionize the African automotive landscape by significantly reducing the cost of importing Japanese vehicles. Dr Chelule acknowledges the long-standing challenges faced by enthusiasts seeking to import cars directly from Japan. These hurdles often involve high expenses and the complexities of navigating foreign currency transactions. The Naivasha auction directly addresses these concerns by offering vehicles at considerably lower prices and conducting transactions entirely in Kenyan shillings. This eliminates the need for complex currency conversions and empowers local buyers.

The impact extends beyond Kenya's borders. The auction is expected to attract motor vehicle buyers from neighbouring African countries. To participate, these buyers will need to acquire Kenyan shillings, thereby strengthening the value of the Kenyan currency. This launch coincides with the establishment of a medical hub in Kericho. Seza is actively seeking investors to set up pharmaceutical and non-pharmaceutical facilities within the Kericho Special Economic Zone. These ventures will benefit from attractive incentives like tax exemptions, aligning perfectly with President William Ruto's Universal Health Care initiative.

Kericho Governor Erick Mutai has pledged his full support, offering necessary resources and incentives to attract investors. The economic potential is substantial, with projections estimating the creation of around 250,000 jobs in the South Rift region. Additionally, Ainamoi MP Benjamin Langat emphasizes the appeal of the Special Economic Zone Act, highlighting its role in fostering economic growth and development.

The launch of the Naivasha auction and the development of the Kericho medical hub represent significant strides forward for Kenya. These initiatives hold the promise of transforming the automotive industry, strengthening the national economy and creating much-needed jobs.