Government Banks On Tax Incentives To Widen The Energy Of Special Economic Zones In Kenya
The Government of Kenya is banking on tax incentives to woe extra traders who will convey out the complete potential of Special Economic Zones that can quickly unfold throughout the 47 counties.
Speaking on the opening of the 9th African Special Economic Zone Organization Annual Meeting, going down on the Kenyatta International Conference Center (KICC), the PS for the State Department of Industry Dr. Juma Mukhwana, stated that the federal government has put in place initiatives to make sure that Special Economic Zones attain 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 stated.
The Annual Meeting brings collectively Special Economic Zones throughout the continent, to share their success tales in addition to challenges and discover a technique to improve collaboration amongst African international locations by way of harmonizing operations.
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“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 assembly comes at a time stats present that Special Economic Zones in Kenya have created a minimum of 7,000 direct jobs with 3,000 jobs being within the final 12 months alone. The identical has contributed a minimum of 91 billion shillings in the direction of Kenya’s GDP.
According to Mukhwana, Special Economic Zones play a pivotal function in enabling small and medium-sized enterprises (SMEs) to combine into international worth chains.
The Annual Meeting, in accordance with the Special Economic Zones Authority (SEZA), will shine a highlight on how SEZs can go inexperienced and develop sustainable. With the worldwide focus shifting towards environmentally accountable practices, Kenya’s SEZs are pivoting to wash power, waste administration improvements, and round economies, making them exemplars of sustainable industrialization in Africa.
Read Also: How Special Economic Zones Are Becoming Kenya’s Economic Catalysts
