Toyota Tsusho East Africa plans to invest $1.5 billion into agribusiness with the goal of increasing mechanization and value addition in East Africa. Under the first phase of the investment plan Toyota Tsusho has introduced Case IH agricultural equipment to the regional market focusing on rice, wheat, and sugarcane production which have a high input of human labor. The next two phases of the investment will be the construction of a $1.2 billion fertilizer factory to lower the cost of inputs for farmers by providing local resources that will be translated into lower costs for food to consumers. The company is currently conduction a feasibility study across Kenya prior to selecting a construction site for the factory. Construction is scheduled to begin in July 2014.
To receive relevant news stories with summaries provided by GAI Research & Insight, subscribe to Global AgDevelopments, our free weekly enhanced eNews service