Kenya’s favorable business environment continues to attract significant investment, creating economic growth and job opportunities. The CEO of the Kenya Investments Authority, John Mwendwa, noted that many companies are investing in Special Economic and Export Processing Zones despite competition. This trend, underscored by the establishment of multiple economic zones, indicates robust potential for further local enterprise development.
The Chief Executive Officer of the Kenya Investments Authority, John Mwendwa, highlighted that the country’s favorable business climate attracts numerous investors. This has resulted in significant economic opportunities and job creation for local citizens as various multi-billion dollar investments continue to emerge within Special Economic Zones and Export Processing Zones.
During the unveiling of The Link Warehousing and Logistics Park in Tatu City, Ruiru, Kiambu County, Mwendwa acknowledged that despite some companies relocating due to heightened competition, many others remain committed to investing in Kenya. He emphasized, “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.”
Dr. Kenneth Chelule, Chief Executive of the Special Economic Zones Authority, supported Mwendwa’s remarks, pointing out the untapped potential in medium and small enterprises. Chelule mentioned that over the past three years, more than 40 special economic zones have been inaugurated, accommodating over 90 licensed enterprises.
He further detailed the establishment of the new Logistic Park in Tatu, which will bring more than ten new companies, increasing the total investments in the zone to over 100. This new opportunity follows significant lease agreements expected to be finalized in Mombasa and Naivasha, highlighting the potential for local businesses to invest in Special Economic Zones.
Preston Mendenhall, the Chief Operating Officer at Rendezvous, reported that the number of businesses operating within the industrial park has reached a hundred, showcasing consistent growth. Over the past five years, this development has resulted in 25,000 job opportunities across various sectors, from assembly and electronics to beverages and baked goods.
In summary, the conducive business environment in Kenya is successfully drawing numerous investors, leading to expansive economic growth and job creation. Both Mwendwa and Chelule confirm that ongoing investments and the development of special economic zones present significant opportunities, despite some companies relocating. This trend underscores the government’s commitment to fostering a supportive atmosphere for business expansion.
Original Source: www.kenyanews.go.ke
