Turkish Trading Company, Enters Kenya Market with Sh8.2 Billion ($100M) initial investment

Nairobi Kenya March 7, 2012 - Leading Turkish Company, LTK trading in partnership with a local company Zynmat Investments Ltd, has launched operations in Kenya under the trade name LTK Home, as it sets sight on the larger East African Region. The Company, which trades in a wide range of construction and building materials, assorted furniture and building accessories, is targeting to open 15 outlets within Nairobi and Mombasa over the next two years.
Speaking during the official launch at the company’s inaugural showroom on Butere Road, Industrial Area in Nairobi, LTK Chairman Mr. Levent Erdogan said the company is investing an initial capital of over Sh8.2 Billion to launch its products in the Kenyan market ahead of the planned expansion within the country and the region.
“We consider our entry into this market a springboard into the larger East Africa and we are keen on enhancing trade relations between Kenya and Turkey,” said Mr. Erdogan.
He added: “by introducing high quality Turkish products in the Kenyan market, we are giving the Kenyan people an opportunity to experience the Turkish art and culture even as we boost employment opportunities, exports and productions in Kenya.”
LTK Home’s entry comes even as the construction industry in Kenya continues to flourish despite the high lending rates but investors are upbeat that the diversity brought in by the Turkish company will not only whet the appetite for stylish material but also up the ante on quality construction material as the country edges towards sustained infrastructural development.
Mr. Erdogan noted that the launch heralds a new bilateral trade relationship between Kenya and Turkey, adding that trade ties between the two countries will immensely grow over the coming years. These developments come against the backdrop of concerted efforts among government bodies and Turkish emissaries to achieve a trade balance between Turkey and Kenya. The two countries have in the recent past worked towards balancing trade, which continues to increase albeit in favour of the Eastern European Nation.
According to available statistics, bilateral trade between Kenya and Turkey grew from $76 million (Sh6.7 billion) in 2009 to $100 million (Sh8.9 billion) in 2010 and continues to improve.  Last June, a joint business council was established to spearhead the balance of trade between the two countries with emphasis on a cross section of economic sectors including Agriculture, building and construction, textile and leather among other key areas.
Speaking while officially opening the LTK Home showroom, Kenyan Deputy Prime Minister and Minister for Local Government Hon. Musalia Mudavadi said Kenya is keen on improving trade relations with Turkey and urged for continued collaboration in business.
Mr. Mudavadi said: “Turkey is conveniently located between Asia and Europe and presents Kenyan businesses with good opportunities to reach two continents.”
In his remarks, Turkish Ambassador to Kenya Tuncer Kayalar said his country is living up to the promise of enhancing its trade relations with Kenya and will continue to explore ways of adding value to the Kenya society.

“The government of Turkey is ready to support business interested in setting up shop in Kenya and today’s launch of LTK Home is testament to this commitment,” said Mr. Kayalar.
“This is a deliberate endeavor towards supporting the establishment of textile and construction materials making factories in Kenya and will go a long way in to reducing trade imbalance that out two countries,” he added.
The Ambassador also underscored his government’s effort to improve job creation in Kenya which he believes will aid Kenya in its quest to achieve a sustainable economy.  

Comments

  1. This will provide economical and business benefits to both countries. Turkey will spread their business and Kenya will got economical strength. en ucuz iphone

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