Crown paints to invest $2.2M to boost industry

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Crown paints to invest $2

The Crown paints stand at the recent concluded Expo 2014 in Kigali

 The country is looking at ways it can shed off the trade deficit that has painted a negative outlook towards its roadmap to achieving a middle income status by 2020, and one of the ways is to attract investors mainly in service and industry. 

The government hopes that through both foreign direct investment and local investment, the country will be able to push up its exports and low imports both in value and volumes.

“What we need to do now is look for more markets for our goods but also continue to improve our doing business indicators to attract more investors,” Francois Kanimba earlier said.

Such a move therefore is yielding results as Crown Industries; East Africa’s leading paint manufacturer is looking at investing over $ 2.2 million in the country in the next five years.

According to Vipul Kapur, Marketing   Manager for Crown Paints Rwanda, the company that opened its doors   in March this year has set up a country office and distribution channel for   the Rwanda market, which will also serve the markets of Burundi and DRC.

“We have finished setting our footprint, we are opening our showroom, the first in Rwanda before the year ends,” he said

The Kenyan company that was founded in 1958 now boasts of Annual turnover of $60 million with production capacity of 2.2 million liters per month. The company expects to set up a manufacturing plant to serve the expected growing Rwanda market, as well as Burundi and DRC.

“We are looking at the premium side of the market and that is why we emphasize quality and not the price and Rwanda is one of the country’s that respect quality which is why we decided to invest   our money,” she explained.

The company has investments in Kenya, Uganda, Tanzania, South Sudan, Rwanda, Burundi, Congo, Somalia and Ethiopia.

Indeed, with the booming real estate sector that has seen more banks venturing into the mortgaging   and the need to increase housing units, the paint manufacturing sub sector comes into lime light to provide quality paints.

“It is not just only painting for shining purpose but paint plays a critical role in the longevity of buildings and also increases value,” he added

Experts say that for housing sector to flourish there is need to boost local production of essential materials such construction materials, iron bars, cement, paint among others as one way of reducing  costs that  later  makes  construction expensive thus unaffordable  accommodation.

 

About the author

Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

More posts by | Visit the site of Ndaka

 

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