Africa-Press – Kenya. President William Ruto has said the increasing number of new enterprises in Kenya’s Special Economic and Export Processing zones is a strong signal of investor confidence in the country.
Speaking in Naivasha at the welcoming ceremony of Jumbo Africa Auto Auction SEZ Limited at the Naivasha Special Economic Zone, Ruto said the entry of the newest investor demonstrates the positive effect of Kenya’s policy and regulatory environment in attracting local and foreign direct investment.
Jumbo Africa Auto Auction SEZ Limited, Ruto said, is the first Japanese car auction in Africa and brings with it a new kind of enterprise.
“Henceforth, buyers in Kenya, East Africa and the whole African continent will be able to choose a wide variety of vehicles, ranging from cars and trucks to motorcycles and speciality vehicles, as well as machinery, mechanical appliances, vehicle parts, work trucks and handling equipment,” the President said.
Besides offering unparalleled access to variety, he said Kenyan car buyers will be able to purchase motor vehicles using local currency from the comfort of their homes by utilising online platforms.
“Further, competitive bidding will guarantee lower prices, enhancing the savings that buyers will accrue, compared with traditional purchasing and car importation processes,” Ruto said.
He said Jumbo Africa’s presence in the country will also spur high demand for vehicles and stimulate the auto parts industry and overall activity in the automotive sector.
This, he said, will in turn have the overall effect of expanding the economy and enhance the adoption of emerging technologies.
“In other words, with the steady increase in new entrants and broadening of the sectors represented, our Special Economic Zone programme is coming of age, vindicating its driving vision of mobilising and leveraging private investment as the primary driver of economic growth in our country,” the President said.
He said other benefits include job creation, enhanced domestic and foreign direct investment and boosting Kenya’s foreign exchange earnings.
“Each of these outcomes is a critical strategic objective of our Bottom-Up Economic Transformation Agenda, which makes special economic zones the focal arenas of competitiveness and productivity,” Ruto said.
He welcomed Jumbo Africa’s decision to invest in the country citing attractive tax incentives, high-quality infrastructure and simplified business procedures and regulations offered at the EPZ.
Ruto further listed value chain integration and the promotion of expanded market access for goods produced in the zones as some of the compelling incentive packages attractive to investors.
He said the proximity of the Naivasha Special Economic Zone to the Olkaria Geothermal electricity generation complex also contributes to ease of doing business by offering low-cost power tariffs which significantly reduce the cost of doing business.
The zone occupies 1,000 acres and boasts of an industrial park, 1.56km internal access roads, an inland container depot and connection to standard and metre gauge railway lines.
“Consequently, we have set aside 5,000 acres for the expansion of the zone. In short, Kenya is the best home for your investment, and Naivasha is the best location for your enterprise,” Ruto said.
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