Kenya aiming for speedier Special Economic Zones implementation

By Claire Wanja/Statement

Industry, Investment and Trade Cabinet Secretary Adan Mohamed has assured of Kenya’s readiness to roll out the Special Economic Zones.

Speaking in Naivasha, during an inter-governmental forum reviewing draft regulations to govern the country’s Special Economic Zones, Mohamed promised to publish the Special Economic Zones regulations next month.

“The Special Economic Zones Act that is now in place has set the pace to accelerate the industrial transformation in our country. This is being complemented by the ongoing infrastructure projects geared towards making our country a cost effective manufacturing destination yielding competitive trade products”, said Mr. Mohamed.

He added that private sector stakeholders will in the next 2 weeks participate in the validation of the regulations that will be crucial in the operationalization of the new Act.

“We are keen to fast-track the implementation of the SEZ’s to uplift the industrial sector, which despite its potential, has not been dynamic enough to function as an engine for growth for the Kenyan economy as has been the case of newly emerging economies,” said Mohamed.

He added that the increasing investor confidence will herald a new dawn in industrial and trade investments in the country.

Implementation of the Special Economic Zone concept is pivotal for Kenya industrialization plans in line with Kenya’s Industrial Transformation Plan (KITP) blueprint in execution for the next decade.

The SEZ is intended to contribute towards the transformation of the country’s economic base by driving a higher sustained growth, employment creation and poverty reduction.

It is expected to aid in doubling the current manufacturing sector jobs to approximately 1 million jobs, adding year on year USD 2-3billion to Kenya’s GDP in the next decade.

Kenya is on course to commence with implementation of 3 Special Economic Zones; Mombasa, Lamu and Kisumu following Presidential assent on September 11, 2015.

 

 

  

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