Zhende Medical, an international company specializing in the production and sale of disposable medical devices, has announced plans to build production facilities in Kenya’s Tatu City and its neighboring Oaklands development.
The Shanghai Stock Exchange-listed company is set to invest USD 180 million in Kenya, creating job opportunities for 7,000 Kenyan workers and facilitating an annual export value of USD 320 million to its global clients. With the International Finance Corporation providing USD 100 million in financing to Zhende for its expansion into Africa.
Read more: Tanzania and Winshear Gold settle dispute with USD 30 million agreement
The company intends to expand the distribution of critical medical supplies across Sub-Saharan Africa. Zhende’s Kenyan subsidiary, FullCare Medical, is set to become the largest medical device manufacturer and distributor in East Africa.
After thorough evaluation of markets and site locations, Zhende Medical Chairman Lu Jianguo declared, “We have selected Kenya and Tatu City as the base for our global expansion. We are committed to promoting the development of Kenya’s healthcare industry, cultivating local talent, and increasing cooperation between Kenya and multinational companies.”
President Ruto expressed his appreciation for Zhende Medical’s decision, stating, “I am highly encouraged by the evidence demonstrated here that the Chinese business community is fully attuned to Kenya’s immense potential as the dynamic and most highly promising destination for investment.”
Tatu Industrial Park, where Zhende’s first facility is slated to be commissioned in January 2024, stands as the largest light manufacturing and logistics zone in East Africa, housing more than 75 Kenyan, regional, and multinational companies. Notably being Kenya’s first operational Special Economic Zone, offering low corporate taxes, import duty exemptions, zero-rated VAT, and zero withholding tax.
Stephen Jennings, Founder and CEO of Rendeavour, the owner and developer of Tatu City, commended Zhende Medical’s decision, stating, “Zhende Medical represents one of the most important foreign direct investments not only in Kenya’s history but in all of Africa. Zhende Medical is setting the benchmark for dynamic and entrepreneurial Chinese investment on the African continent.”
Read more: Kenya Power faces legal scrutiny over multi-billion-shilling power agreements
The healthcare deal was revealed on the sidelines of the Third Belt and Road Forum for International Cooperation in Beijing. In a ceremony presided over by President William Ruto and Ambassador Liu Yuxi, Special Representative of the Chinese Government on African Affairs.
Email your news TIPS to editor@thesharpdaily.com
