Nairobi Calls for Leveraging Special Economic Zones to Attract Investment

NAIROBI, Kenya – The Kenya National Chamber of Commerce and Industry (KNCCI) has urged the government to leverage special economic zones as a strategic tool to draw in more investors and enhance the country’s manufacturing sector.

According to Kenya News Agency, Economic diplomacy chairman of KNCCI, special economic zones are primed with incentives, including tax exemptions and advanced infrastructure, which align with investor expectations. Meru emphasized the importance of a stable and predictable tax policy for attracting investment during a business meeting in a Nairobi hotel with delegates from the United Arab Emirates (UAE) on Monday.

Meru highlighted that special economic zones in Kenya have generated interest among investors eager to delve into sectors like value addition, agro-processing, and affordable housing. He pointed out the imbalance in trade, with the country importing significantly more than it exports. “For every 11 containers imported to Kenya, only one is exported,” Meru stated, delineating the stark contrast in trade volumes.

The chairman further noted that while the country’s largest import expense is fuel, its main exports remain coffee, tea, and horticulture. He underscored Kenya’s advantageous geographic position and its pivotal role as an entry point for trade within the East African Community, a fact that has not gone unnoticed by regional stakeholders.

Meru also touched on the interest shown by investors in supporting Kenya’s affordable housing projects, bringing new, cost-effective, and faster construction technologies to the table. He called on those in the construction industry to collaborate and benefit from the new technologies and innovations aimed at reducing construction costs.