President William Ruto has announced a bold strategy to transform the country’s economy through the licensing of 39 Special Economic Zones (SEZs) across the country.
Speaking at the Kilifi County Investment Conference on Thursday, December 5, 2024, Ruto unveiled his plan to attract investment, unlock counties’ potential, and create thousands of jobs by establishing these zones in key regions.
“We have also licensed 39 Special Economic Zones, including 10 at the Coast, to attract investors, unlock counties’ potential, drive growth, and create jobs,” Ruto stated, underscoring the importance of decentralizing economic activity and harnessing the power of local resources.
The creation of these SEZs is part of the broader economic vision set out by the Ruto administration to address regional imbalances and foster growth outside of Kenya’s major cities.
With 10 of these zones located along the coast, the strategy aims to drive industrial development in areas that have historically been underdeveloped.
Ruto’s vision for the SEZs is clear: they will serve as hubs for manufacturing, innovation, and export-driven industries, with special incentives designed to attract foreign and domestic investors.
These zones will benefit from infrastructure upgrades, tax breaks, and reduced regulatory hurdles, making them more appealing for businesses looking to establish a presence in Kenya.
“We want to unlock the potential of our counties and create a robust, diverse economy. These zones will serve as the foundation for a thriving, competitive Kenya,” Ruto added.
According to Ruto, the development of these zones will directly lead to the creation of thousands of jobs across the country.
By fostering industries like manufacturing, technology, and agro-processing, the SEZs are expected to generate employment opportunities and reduce the country’s high unemployment rate, particularly among the youth.
The 39 newly licensed SEZs are expected to be a catalyst for the growth of local economies by providing businesses with the incentives needed to expand operations and hire more workers.
Ruto emphasized that the SEZs would not only attract large-scale industries but also support small and medium-sized enterprises (SMEs) that could benefit from the expanded infrastructure and resources provided in these zones.
The SEZ initiative aligns with Ruto’s broader goal of promoting devolution and ensuring that all regions of Kenya benefit from economic development.
By establishing these zones in counties across the nation, the government aims to reduce the heavy concentration of economic activity in Nairobi and other major urban centres.
“The counties are emerging as key drivers of our socio-economic transformation. We are setting up Export Processing Zones in Busia, Eldoret, Murang’a, and Kirinyaga, which are already over 50% complete. These areas, alongside the SEZs, will help unlock local potential and offer new opportunities for economic advancement,” Ruto said.
