Africa Economic Zones Limited (AEZ)
“Africa Economic Zones” is the first licensed special economic zone in Kenya under the current Economic Zone Act with support from the Chinese government through its “One Belt One Road” initiative. This venture of China’s Guangdong New South Group, apart from having created a modern-day industrial park has also set an active platform to connect Chinese investors with target Kenyan stakeholders. In the framework of an import substitution agenda, industries of a wide range of consumer goods will start soon being manufactured locally, with Chinese engineering and with increasing local involvement.
Thanks to a networking campaign with various Chinese and Kenyan stakeholders, five Memorandums of understanding have been signed by AEZ allowing Chinese companies to start industrial operations immediately in Eldoret city -and five more to come before the end of 2018- which represents one of the quickest developments in seizing the package of incentives that the Kenyan government offers to foreign companies interested in doing business in the country.
The project will attract over $2 Billion of foreign investment into the region as well as creating over 40,000 direct jobs and up to 150,000 indirect jobs once it is fully operational. The zone will have a significant positive impact on the local and national economy generating production revenues in excess of $3 Billion per year.
“The establishment of the special Economic Zones is a ground breaking initiative by the present government, through the Ministry of Industrialization and Enterprise development. Kenya is strategically located in East Africa with access to a modern railway network, a vibrant port, an international airport and continuously improving road infrastructure making it the regional hub for investors. Further, Kenya has vast human resources and a huge untapped growth potential full of attractive incentives and liberal policies for investors within the Special Economic Zone” says Ethan Peng, AEZ’s Senior Manager when referring to the fast growth of this initiative in Eldoret city.