President William Ruto has witnessed the signing of a tripartite accord that will enable the development of the KSh12 billion Mombasa Special Economic Zone (SEZ).
The agreement brings together the County Government of Mombasa, Mombasa Free Zone Ltd and DP World in a project aimed at strengthening Kenya’s industrial and export capacity.
At State House Nairobi, President Ruto explained that SEZs form an essential component of the government’s Bottom-Up Economic Transformation Agenda, provuding a platform for industries to expand, create jobs and to ensure that farmers and entrepreneurs remain competitive in the domestic, regional, and international value chains.
Ruto added that Kenya needs to switch from raw material and minimally processed commodity exports to finished products and exports of goods that will able to compete in world markets.
“We must process more of what we produce, manufacture more of what we consume, and export competitive, finished products.”Ruto said
The Special Economic Zone project is set to be launched on the 535 acres in Jomvu, which is near the Standard Gauge Railway network and regional transport roads.
According to Ruto, the first phase of the project is expected to create 10,000 jobs while positioning Mombasa as a major production, processing, assembly and export hub.
The zone will focus on the East African Community, the COMESA market, and Africa at large, supporting Kenya’s ambitions to become a production and export-oriented economy.