Kenya: President William Samoei Ruto presided the signing of a lease agreement between Kenya Ports Authority and African Export-Import Bank (Afreximbank) for development of industrial park in Dongo Kundu and Naivasha Special Economic Zones (SEZ) at the Port of Mombasa.
Reportedly, the signed agreement highlights a significant milestone towards the realization and the establishment of the Special Economic Zones projects which are designed to be a multi-sectoral zone comprising of Industrial Parks, Free Trade Zones/Free Port, Tourism Zone (MICE), Business Service Parks as well as Commercial and Residential Zone.
The Head of the State delivered the speech at the ceremony and said that Dongo Kundu SEZ would herald a milestone transformation in the country through the growth of exports and manufacturing.
President William Samoei Ruto noted that the establishment of special economic zones would see Kenya becoming self-sufficient in industrial goods that is currently consuming most of the foreign exchange for the country.
Ruto stressed on the thing that his administration had fashioned a rich mix of policies and infrastructure encouraging investors to set up businesses in the SEZs. The set will also include tax incentives for all licensed Special Economic Zones entities.
Considering this, the signed agreement between the two parties will accelerate the industrial growth of the Kenya, as it will initiate the $1 billion Dongo Kundu and Naivasha Special Economic Zones development lease.
As per President William Samoei Ruto the SEZs lease agreement will spur the industrialisation and will also create jobs. While explaining during his speech, Ruto cleared that the agreement will position Kenya as a manufacturing hub and will also create more than 40,000 jobs in Dongo Kundu, along with this it will also provide 100,000 in Naivasha.
State House of Kenya shared the glimpses from the signing ceremony on all of its social media platforms and acknowledged the initiative to upskill the efforts of the government in providing and creating employment for the people of Kenya.