Investor interest in housing could see the government realize over one million housing units over and above the 500,000 units targeted by the government.
Speaking at the Kenya National Chamber of Commerce & Industry, Kenya – Turkey investment forum, Housing PS Charles Hinga said several investors have shown interest in the housing sector.
Even as this is the case, the high import duty on Kenyan tea is impeding the commodity’s entry into the Turkish Market.
Kittony has decried high import duty charged on Kenyan tea by some countries such as Turkey.
He says the 140 percent duty charged on Kenyan tea is impeding entry into the lucrative Turkish market in effect this has seen the balance of trade being in favor of Turkey.
Kiprono lamented the low trade volumes between the two countries that remain below US$200 million, lower than a target of US$1 billion by Kenyan and Turkish officials.
Hinga called on investors to take up opportunities presented by the housing pillar.
He noted that the department of Housing is intent on delivering 1 million housing units by the year 2022 way beyond the targeted 500,000 units.
Turkey showed commitment to eliminating trade barriers that are hindering growth of business.
Kenya’s total exports to Turkey totaled US$ 23.14 Million in 2017 while Kenya imports from Turkey amounted to US$ 156.05 Million in 2017.