NAIROBI: The government has issued a stern warning to investors holding licenses for Special Economic Zones (SEZs), stating that their licenses will be revoked if they do not develop the designated areas within six months. Trade, Investment, and Industry Cabinet Secretary Salim Mvurya highlighted that, despite being licensed for over a year, some investors have not utilized the allocated spaces for their intended purposes.
According to Kenya News Agency, Cabinet Secretary Mvurya emphasized during a groundbreaking ceremony for Phase 5 of the Nairobi Gate Industrial Park in Ruiru, Kiambu County, that investors who fail to comply with the six-month ultimatum will lose their licenses. The Ministry is currently compiling a list of such investors, intending to advertise these spaces for new and interested parties.
Mvurya reiterated the government’s commitment to ensuring that all gazetted SEZs are fully operationalized, stating, “Those who will not have moved to the site in six months will forfeit the licenses.”
He also mentioned the country’s 38 SEZs, both public and private, and noted that private investors at the new industrial park have invested nearly Sh1 billion, creating 700 direct jobs.
Highlighting the importance of these investments, Mvurya encouraged investors to leverage the skilled youth in the country, noting that many are well-trained and require apprenticeship opportunities. He also discussed the government’s efforts to facilitate access to capital for small and medium enterprises (SMEs) through partnerships with banks, offering loans with single-digit interest rates to medium-level investors, youth, and women.
The government has de-risked investments to the tune of Sh5 billion within the Development Bank, and recently, the European Investment Bank provided the Kenya Commercial Bank with Sh32 billion to support youth and women in investment areas. Mvurya urged investors to take advantage of these opportunities.
Additionally, Mvurya disclosed plans to amend laws addressing taxation, energy, and fuel
costs, aiming to resolve business community concerns. The government has also established market access for Kenyan products through partnership agreements within the continent and with over 27 countries in Europe, aspiring to position Kenya as a central hub for industrialization and investment in Africa.
Mvurya concluded by encouraging investors to seize these opportunities, leveraging the provided business environment and capital access to accelerate the country’s economic transformation agenda.