Kenya’s conducive business environment is attracting more investors, creating significant economic opportunities, especially in Special Economic Zones. CEO John Mwendwa highlights ongoing investments despite some companies relocating. SEZs have expanded rapidly, facilitating over 90 licensed businesses, while new developments like the Tatu City Logistics Park are set to enhance local employment and investment further.
The conducive business environment in Kenya continues to attract investors, fostering significant economic opportunities, as asserted by John Mwendwa, Chief Executive Officer of the Kenya Investments Authority. Mwendwa noted an influx of investors establishing substantial ventures in Special Economic Zones (SEZs) and Export Processing Zones, which have resulted in job creation for the local populace.
During the unveiling of The Link Warehousing and Logistics Park in Tatu City, Kiambu County, he acknowledged that although some companies are relocating due to competitive pressures, many others have chosen to invest in Kenya’s growing market. “The notion that some companies are relocating due to a difficult business environment has not had a serious impact on business, as many more others are setting up multibillion investments in the country,” stated Mwendwa.
Dr. Kenneth Chelule, Chief Executive of the Special Economic Zones Authority, echoed this sentiment and highlighted the untapped potential within medium and small enterprises. He mentioned that over 40 SEZs have been established in the past three years, accommodating more than 90 licensed business entities.
He specifically referenced the new Logistic Park in Tatu City, which anticipates the establishment of over 10 companies, increasing total investments to above 100 in that area. Dr. Chelule further noted the impending signing of lease agreements worth billions of dollars, demonstrating ample opportunities for local businesses to invest in SEZs across the country.
Preston Mendenhall, Chief Operating Officer at Rendezvous, which manages Tatu City, reported that the number of companies in the industrial park has surpassed 100, and growth continues. Over the past five years, these ventures have generated more than 25,000 jobs across diverse sectors, including manufacturing, warehousing, and distribution, boosting the local economy and job market considerably.
Support for the current investment climate showcases the Kenyan government’s commitment to enhancing the business environment and reducing operational costs. The initiatives reflect a strong desire to attract further investments and promote economic growth, benefiting both citizens and investors alike.
In conclusion, the favorable business atmosphere in Kenya remains pivotal in attracting significant foreign investment, creating ample job opportunities, and enhancing the economy. The establishment of multiple Special Economic Zones and successful ventures, as expressed by notable officials, underpins the nation’s commitment to fostering a robust investment landscape. The continued development of infrastructure and services in places like Tatu City further solidifies Kenya’s position as an emerging market for investors.
Original Source: www.kenyanews.go.ke
