The government has announced plans to allocate funds in the upcoming financial year to develop Special Economic Zones (SEZs
National Treasury and Economic Planning Cabinet Secretary, John Mbadi emphasized the crucial role SEZs play in attracting investment, stimulating economic development, and fostering growth.
He said that these zones are designed to provide fiscal and regulatory incentives, along with infrastructure support, to promote industrial activity. The CS said that by creating a conducive environment for businesses, SEZs are expected to boost the local economy, create thousands of job opportunities, and enhance Kenya’s overall economic landscape.
Mbadi spoke in Nyando village in Kisumu where he attended a prayer service hosted by Nyando MP Jared Okello on Saturday.
The development of SEZs aligns with the government’s broader strategy to improve trade and investment frameworks, making Kenya a more attractive destination for both local and international investors.
This initiative is part of the ad- administration’s commitment to fostering sustainable economic growth and development across the country.
As the government moves forward with these plans, the establishment of SEZs is anticipated to bring sig- nificant benefits to various sectors, including manufacturing, logistics, and services
The focus on SEZs underscores the administration’s dedication to creating a more dynamic and competitive economy for the future
Kisumu Governor Prof Anyang highlighted the region’s significant potential for investment, underscoring the abundance of available land, favourable climate, and strategic accessibility to local and East African markets.
He emphasized that Kisumu offers ample land for various types of investments, making it an attractive destination for businesses and developers. The region’s conducive climate further enhances its appeal, providing optimal conditions for a range of economic activities.
Nyong’o also pointed out Kisumu’s strategic location, which offers easy access to local and East African markets. “This accessibility is a key factor in attracting investors who seek to expand their operations and tap into the growing economic opportunities within the region,” he stated
With these advantages, Kisumu is well-positioned to become a hub of economic activity and growth.
Nyong’o also emphasized the sig- nificance of the upcoming AfSNET Trade and Investment Conference as a prime opportunity to showcase Kisumu and Kenya’s investment potential.
The conference is set to take place from November 25 to 27, 2024.
President William Ruto is among the keynote speakers invited to the event, scheduled to speak on Tuesday. Mbadi confirmed his at- tendance, underscoring the importance of the conference in attracting investment and fostering economic growth.
Additionally, the former Prime Minister Raila Odinga will also be present, adding to the event’s prominence and drawing attention from investors across Africa.
The AfSNET conference aims to strengthen sub-sovereign participation in intra-African trade and in- vestment, aligning with the goals of the African Continental Free Trade Area (AfCFTA). With a focus on leveraging AfCFTA for sustainable trade and investment, the event will feature exhibitions and investment promotion training sessions.
As Kisumu prepares to host this important event, the local community and stakeholders are optimistic about the opportunities it will bring for economic development and growth.
Nyong’o highlighted the region’s significant potential for investment, underscoring the abundance of available land, favourable climate, and strategic accessibility to local and East African markets.
