During the 9th Tokyo International Conference on African Development (TICAD) in Yokohama, Japan, President William Ruto urged Africa to reform and revitalize its agricultural sector to cease exporting raw materials. He emphasized the need for Africa to add value to its products, fostering industrialization and creating local wealth to correct global trade imbalances.

• Emphasis on transforming Africa from a supplier of unprocessed raw materials to a hub for high-value production.
• President Ruto met with International Finance Corporation (IFC) Managing Director Mokhtar Diop and officials from Japanese companies including Sumitomo Corporation, Marubeni Corporation, and Fujita Corporation.
• More than 120 Japanese companies operate in Nairobi, engaging in various businesses from construction to manufacturing.

Kenya and Germany have renewed a cooperation agreement aimed at boosting local vehicle production and affordability. The focus is on increasing local assembly to lower costs and foster economic development within Kenya's automotive sector.

• The agreement was highlighted by Germany’s Deputy Ambassador to Kenya and Trade Counsellor, Alexander Fierley, during a visit to the Kenya Vehicle Manufacturers (KVM) facility in Thika on Thursday, August 21.
• CFAO Mobility Kenya is supporting KVM in resuming local assembly of Volkswagen brands like the Touareg, Tiguan, and T-Cross using a Completely Knocked Down (CKD) arrangement.
• The partnership aims to reduce vehicle costs by lowering import-related expenses and promoting local labor, supporting local suppliers, and creating job opportunities.

Japan has pledged up to Sh22 billion (25 billion yen) in Samurai Financing to Kenya, aiming to boost the local vehicle assembly and parts manufacturing industry while improving the energy sector.

• The financing will address energy transmission and distribution losses, currently at about 23 percent of Kenya's national output.
• The announcement was made during the Tokyo International Conference on African Development (TICAD 9), attended by President William Ruto and Japanese Prime Minister Shigeru Ishiba.
• Prime Cabinet Secretary Musalia Mudavadi signed the Memorandum of Understanding with Mr. Atsuo Kuroda, Chairman and CEO of Nippon Export and Investment Insurance.