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Government Banks On Tax Incentives To Widen The Power Of Special Economic Zones In Kenya

BY Soko Directory Team · November 27, 2024 08:11 pm

The Government of Kenya is banking on tax incentives to woe more investors who will bring out the full potential of Special Economic Zones that will soon spread across the 47 counties.

Speaking at the opening of the 9th African Special Economic Zone Organization Annual Meeting, taking place at the Kenyatta International Conference Center (KICC), the PS for the State Department of Industry Dr. Juma Mukhwana, said that the government has put in place initiatives to ensure that Special Economic Zones reach their full potential.

“As the Ministry, we are working around the clock to ensure that Special Economic Zones succeed in this country with the help of the Special Economic Zones Authority. We know the potential that these economic zones hold for our people in terms of the creation of employment as well as contributing towards the country’s revenue and GDP,” he said.

The Annual Meeting brings together Special Economic Zones within the continent, to share their success stories as well as challenges and find a way to enhance collaboration among African countries in terms of harmonizing operations.

Read Also: The 9Th African Economic Zones Annual General Meeting Kicks Off In Nairobi

“When it comes to minimum wage bill, Kenya is ahead of many African countries. This sometimes positions Kenya as an expensive investment destination when it comes to paying salaries. We would like other African countries too to set their minimum wage so that we all have a leveled competitive field,” he added.

The meeting comes at a time stats show that Special Economic Zones in Kenya have created at least 7,000 direct jobs with 3,000 jobs being in the last 12 months alone. The same has contributed at least 91 billion shillings towards Kenya’s GDP.

According to Mukhwana, Special Economic Zones play a pivotal role in enabling small and medium-sized enterprises (SMEs) to integrate into global value chains.

The Annual Meeting, according to the Special Economic Zones Authority (SEZA), will shine a spotlight on how SEZs can go green and grow sustainable. With the global focus shifting toward environmentally responsible practices, Kenya’s SEZs are pivoting to clean energy, waste management innovations, and circular economies, making them exemplars of sustainable industrialization in Africa.

Read Also: How Special Economic Zones Are Becoming Kenya’s Economic Catalysts

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