Opponents criticized by President Ruto for initiating 2022 election-year discussions
Kenya, Africa's premier export hub, is set to bolster its industrialisation aspirations with the launch of the Vipingo Special Economic Zone (SEZ) in Kilifi. President William Ruto, speaking at the event, highlighted the predictable policies and laws that protect investors in these special zones.
The SEZ project, developed by Arise Integrated Industrial Platforms (Arise IIP) in partnership with Centum Investments, aims to attract over $3 billion in investments and create thousands of jobs. Key investment stakeholders include KCB Group and the African Export-Import Bank (Afreximbank), which have jointly committed $800 million to support investors in the SEZ.
Ruto stated that the project will generate more than 35,000 direct jobs and create thousands of economic opportunities across various industries. Thousands of other indirect jobs will also be created, powering sectors such as agro-processing, textiles and apparel, pharmaceuticals, and more.
Special economic zones provide critical infrastructure such as roads, power, water, and ICT, making them central vehicles for delivering the government's Bottom-Up Economic Transformation Agenda. The law on tax incentives for special economic zones is guaranteed for 10 years.
The Special Economic Zones Act of 2015, the Finance Act of 2023, and the Business Laws Amendment of 2024 protect investors in these economic zones. These legislative measures, coupled with competitive incentives and modern infrastructure, make Kenya an attractive destination for investors.
However, Ruto accused his opponents of engaging in early campaigns and fuelling premature election fever. He criticised them for lacking a clear agenda for Kenyans and for attempting to divide the country along tribal lines. The president stated that his administration's progress should not be ruined.
The Vipingo SEZ is not the only initiative aimed at boosting investment in Kenya. The government is focusing on three more investment packages: textiles and apparel, e-mobility, and Business Process Outsourcing (BPOs). Afrexim Bank President and Chairman Benedict Oramah believes that special economic zones will play a crucial role in Kenya's industrialisation.
In another development, an MoU was signed between the Ministry of Investments, Trade and Industry and the Linglong Group for the establishment of a state-of-the-art auto spare parts industrial park in Kenya.
As Kenya continues to introduce bold reforms to remain attractive to investors, the Vipingo SEZ project is set to attract Sh390 billion in investments, contributing significantly to the country's economic growth and job creation.
Read also:
- United States tariffs pose a threat to India, necessitating the recruitment of adept negotiators or strategists, similar to those who had influenced Trump's decisions.
- Weekly happenings in the German Federal Parliament (Bundestag)
- Southwest region's most popular posts, accompanied by an inquiry:
- Discussion between Putin and Trump in Alaska could potentially overshadow Ukraine's concerns
