The Government’s efforts to grow the textile and apparel sector have received a major boost after LC Waikiki, the giant Turkey-based clothing company that operates in more than 23 countries divulged its plans to invest in the country.
The company has over 500 stores in the retail market and has been ranked first in the Turkish Ready to Wear (RTW) clothing industry; and 27th among the biggest companies on the Fortune 500 list which was prepared by Fortune in collaboration with Finar/Dun & Bradstreet (D&B), Inc.
Speaking when he met the CEO of LC Waikiki Mr. Smail K Sac, the Cabinet Secretary for Industrialization & Enterprise Development Mr.Adan Mohamed said: “Kenya is offering a world class investment location with our competitive advantages that present a huge opportunity to invest in the textile and apparel sector. We have duty free access to a huge market through the AGOA and EU that is still punching below its weight despite Kenya being the leader in Sub-Saharan Africa “.
“The company is exploring the emerging retail market opportunities that the growing middle class presents in Africa and Kenya is one of our focus countries“, said Mr. Smail Sac, the CEO of LC Waikiki. The Company is in discussion with leading shopping malls namely, The Junction, Two Rivers and Garden City in a bid to acquire retail shops.
Kenya is on the charm offensive to win big in the Textile sector.
This comes days after Kenya was ranked amongst the top seven investment destinations to watch in emerging markets by Fortune magazine. The ranking takes note of the massive efforts being made in infrastructure development, the power sector and the improving macro-economic stability.