Zhende Medical Company to set up medical facility at Tatu City

Kiambu,

Wednesday, October 18, 2023

KNA by Wangari Ndirangu

Tatu City, the 5,000-acre Special Economic Zone, has announced that Zhende Medical Co. Ltd., a leading international company specializing in the production and sale of disposable medical devices, will build production facilities at the location.

The Shanghai Stock Exchange-listed Zhende said it plans to invest Sh26.9 billion (USD 180 million) in Kenya, employ 7,000 Kenyans and export goods worth Sh45.2 billion (USD 320 million) annually to its global clients, as well as expand its distribution of critical medical supplies in Sub-Saharan Africa.

In a press release today, Zhende’s Kenya subsidiary, Full Care Medical, will become the largest medical device manufacturer and distributor in East Africa.

The landmark Africa healthcare deal was announced on the sidelines of the Third Belt and Road Forum for International Cooperation in Beijing at a ceremony presided over by President William Ruto and Ambassador Liu Yuxi, Special Representative of the Chinese Government on African Affairs.

The International Finance Corporation, the investment arm of the World Bank, has provided USD 100 million in financing to Zhende for its Africa expansion.

“After extensive evaluation of markets and site locations, we have selected Kenya and Tatu City as the base for our global expansion,” said Lu Jianguo, Chairman of Zhende Medical.

“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 appreciated Zhende Medical for its decision to set up in Kenya and Tatu City saying this has demonstrated that the Chinese business community is fully attuned to Kenya’s immense potential as a dynamic and most highly promising destination for investment.”

The locations at Tatu City and neighbouring Oaklands development where production facilities will be built totals more than 60 acres of prime land with world-class infrastructure, seamless transport access and economic incentives.

Tatu Industrial Park, where Zhende’s first facility will be commissioned in January 2024, is the largest light manufacturing and logistics zone in East Africa, with more than 75 Kenyan, regional and multi-national companies.

It is also 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 and six other new cities in Nigeria, Ghana, Zambia and the Democratic Republic of the Congo said that Zhende Medical represents one of the most important foreign direct investments not only in Kenya’s history but in all of Africa noting that Zhende Medical is setting the benchmark for dynamic entrepreneurial Chinese investment on the African continent.

Courtesy; KNA