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The Kenyan government has called for private public partnerships for Chinese companies looking to set up locally.
“We urge more Chinese investors to consider investing in Kenya by going into joint ventures with Kenyan companies or through private public partnerships. We want to assure you that Kenya is open and safe for business and investment,” said Kenya Investment Authority Chief executive Dr. Moses Ikiara in a speech read on his behalf by Pius Rotich, KenInvest General Manager.
The Government has also encouraged such firms to take advantage of the existing Export Processing Zones (EPZs) and Special Economic Zones (SEZs) to improve trade cooperation between China and Kenya with an estimated 400 Chinese companies already operating in Kenya according to figures by McKinsey.
“We have very attractive incentives especially in the Export Processing Zones (EPZs) and Special Economic Zones (SEZs) with a sizable and growing industrial infrastructure of 75 EPZs and 9 SEZs,” he said.
Indeed, last week Ikiara said that the country would amp its pitch for foreign investments and will look to gazette more special economic zones (SEZs in a move that also seeks to boost the current number to undisclosed figures and will attract investment into those zones.
His announcement comes barely months after the Industrialization Ministry expanded and simplified tax incentives it offers for investment in the special zones.
Kenya presently has 9 SEZs with such areas meant to promote and facilitate export-oriented investments as well as boost trade balance, employment, job creation and effective administration.
“Today we have nine special economic zones in the country and about 75 export processing zones, and we will gazette more special economic zones in order to facilitate investments in this area where we feel there is potential growth,” said Ikiara.
He was speaking during the official launch of Kenya International Industrial EXPO 2020 & Shandong Export Commodities Exhibition on Thursday at Sarit Centre.
The Afripeak Expo Limited in partnership with Kenya Investment Authority (KIV) and Kenya National Chambers of Commerce and Industry (KNCCI) will this year focus on manufacturing and automation among other related sectors for companies interested in exhibiting at this year’s exhibition and is running throughout the weekend.
According to the organizers of the expo themed “Trade Prosperity amid COVID-19 Pandemic,” the three-day event will be held virtually following the advent of the pandemic that has ravaged the global economy and the need to reshape economic strategies.
“For the first time ever in Africa, the Kenya International Industrial Expo 2020 event will have a combination of Virtual and physical Expo. This ‘new look / Hybrid expo’ was innovated following the Covid-19 restrictions set by governments to curb the spread of the deadly virus. The Chinese exhibitors will have their local representatives being present at their various exhibition stands at the expo according to Gao Wei, Managing Director, Afripeak Expo Kenya Limited.