Kenya has intensified Africa's push for investors from France to establish value addition companies on the continent as part of a bold plan to enhance competitiveness while opening up opportunities for jobs for the region's young population.

Speaking during a high-level roundtable at the ongoing Africa-Forward summit, Invest Kenya CEO John Mwendwa called on investors from the European Union country to shift their business models from just the decades-old extraction approach to value creation.

"I'm sure that if your strategy is to extract and exit, then, this is not the continent for you, but if it’s to extract and build value chains, supply chains and value addition here, then this is the continent for all of you," Mwendwa stated during a business industry forum on the sidelines of the May 11-12 Africa Forward summit.

He added: "We must build for the African who is here today... We must stop playing the playbook of the last 40 years and start executing now. To every investor in this room, bring your patient capital, price it right, the risks are de-risked, so that in the build cycle we can ensure that Africa rewards."

"Bring technologies you can share with us in Africa, and bring yourself as partners."

Technology transfers

Mwendwa further challenged the French to explore establishing stronger local supply chains in Africa, patient capital, technology transfer agreements and long-term partnerships that drive help drive industrialisation and sustainable growth.

The Invest Kenya CEO observed that capital, climate, Artificial Intelligence and shifting global trade dynamics are redefining competitiveness and creating new opportunities for Africa.

Currently, the continent presents a strong investment case marked by a market of 1.4 billion people, out of which over 60 percent are under the age of 25, and projected to contribute approximately 740 million additional working-age people by 2050.

At the same time, Africa Continental Free Trade Area offers a bloc of 54 economies with a combined GDP of USD 3.4 trillion, making it the world’s largest free trade area by membership.

On Sunday, Kenya and France entered into agreement to roll out $1 billion worth of deals cutting transport such as the modernisation of the Nairobi Central Station to Embakasi Rail Line 5, promotion of Kenya’s premium purple tea, the peaceful use of nuclear energy, and the Masinga Dam project development.

"Other areas of cooperation include modernisation of meteorological services, sustainable aviation fuel production, digital transformation, expansion of container terminal capacity at our ports, and the blue economy and fisheries," noted President William Ruto said on Sunday when he hosted his French counterpart in State House Nairobi.

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