M a r k e t N e w s

Kenya to speed up creation of special economic zones

Posted on : Monday, 22nd August 2016

Kenya said it will speed up the creation of special economic zones (SEZ) as part of efforts to attract more investment and increase exports.
 
“It’s in the interest of government and the private sector to move with speed to establish the Special Economic Zones which will be a critical driver in the attraction of investments in manufacturing, trade, logistics and services,” Cabinet Secretary in the Ministry of Industry, Trade and Cooperatives, Adan Mohamed said in a statement.
 
In this regard, the SEZ Act has been operationalized following the publication of the SEZ regulations.
 
The SEZ is expected to help double the number of current jobs in the manufacturing sector in the country to approximately one million and add year-on-year two to three billion U.S. dollars to Kenya’s GDP in the next decade.
 
As one of the flagship projects under the economic pillar of Kenya’s Vision 2030, the SEZ Act reaffirms to investors that Kenya is on the path towards achieving its industrial transformation agenda.
 
The East African nation is on course to commence with the implementation of three SEZs in Mombasa, Lamu and Kisumu respectively.
 
SEZs will be designated export zones for goods and services that will enjoy tax benefits on income and capital goods. The tax incentives are meant to attract foreign investors.
 
The country wants to benefit from transfer of skills from foreign companies setting bases in SEZs.
 

The move also aims to increase Kenya’s export volume and diversify the range of exports currently dominated by agriculture produce. 

Source : www.coastweek.com
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