Kenya’s Business Climate Attracts Significant Investments, CEO Affirms

Kenya’s conducive business environment continues to attract investors, leading to significant economic opportunities for its citizens, as highlighted by CEO John Mwendwa of the Kenya Investments Authority. The establishment of Special Economic Zones is facilitating burgeoning investments, particularly in Tatu City, resulting in job creation and business growth amid some competition-induced relocations.

John Mwendwa, the Chief Executive Officer of Kenya Investments Authority, has emphasized that a favorable business environment in Kenya is attracting numerous investors, thereby creating diverse economic opportunities for its citizens. He noted that investors are increasingly establishing significant ventures within Special Economic Zones (SEZs) and Export Processing Zones (EPZs), which contribute to job creation and economic growth.

During the launch of The Link Warehousing and Logistics Park in Tatu City, located in Ruiru, Kiambu County, Mr. Mwendwa acknowledged that while some companies are experiencing heightened competition leading to relocation, a substantial number are still committing to multi-billion dollar investments within the country. He asserted the government’s dedication to ensuring a conducive business climate while working to lower operational costs to fortify Kenya’s investment appeal.

Echoing these sentiments, Dr. Kenneth Chelule, Chief Executive of the Special Economic Zones Authority (SEZA), highlighted the vast potential for growth, particularly within the medium and small enterprise sectors. He reported that over the past three years, more than 40 SEZs have been established, facilitating the emergence of over 90 fully licensed and operational business enterprises within these zones.

Dr. Chelule pointed out the significance of the new Logistics Park in Tatu, where an influx of over ten companies is anticipated, bringing the total investments in the zone to beyond 100. He noted, “This investment in Tatu comes at the back of Dongu Kondu in Mombasa and in Naivasha zones, where the signing of lease deals worth billions of dollars is expected to be rolled out in the next 60 days.”

Preston Mendenhall, Chief Operating Officer at Rendezvous, which manages Tatu City, stated that the number of companies operating in the industrial park has reached 100 and continues to expand. He reported that over the last five years, they have generated more than 25,000 jobs across various skill levels, covering sectors such as manufacturing, warehousing, and distribution, including 1,000 roles in assembly, electronics, and food production.

In summary, Kenya’s business environment remains attractive to foreign investors despite some competition-induced relocations. The government’s commitment to reducing operational costs and enhancing the business climate plays a pivotal role in stimulating local and international investments. The establishment of various Special Economic Zones is expected to yield significant economic benefits, including job creation and enterprise growth, reinforcing Kenya’s position as an investment destination.

Original Source: www.kenyanews.go.ke