Government to double export, industrial parks by 2027- Ministry
Business
By
Okumu Modachi
| Jan 20, 2024
Infinity Industrial Park warehouses. [Wilberforce Okwiri, Standard]
The government has announced plans to double the contribution of exports to the country's Gross Domestic Product (GDP) in the next three years.
In a draft plan seen by The Standard, the Ministry of Investments, Trade, and Industry (MITI) seeks to increase the contribution of exports to GDP from the current 10 per cent to five per cent by 2027.
This, the government said will be realised through construction of more county industrial parks, Economic Processing Zones (EPZ) as well as enhancing foreign direct investments.
According to MITI, the government has committed to establishing 30 additional county aggregation and industrial parks to activate priority value chains and operationalise EPZs in Busia, Kirinyaga, Uasin Gishu, and Murang'a counties.
READ MORE
Prof Mutua should face MPs for grilling on victims payouts
Government should address issues raised by young people without resorting to intimidation
Subaru driver in a dramatic high-speed chase after alleged hit-and-run in Nairobi
Bottled water exempted from excise duty
Kenya out to increase its participation at LA28
Initiative to upskill youth in construction sector launched
Cyril Maloba: The math teacher who refused to stop
Knec call for KCSE candidates as curtain falls on 8-4-4 education system
'A criminal act of the State,' Orengo says of Lichuma torture claims
From Kenya to Zambia: Kenyan firm wins role in school meals overhaul
Special Economic Zones in Dongo Kundu, Naivasha, and Isiolo are also expected to be commissioned to boost export produce in the country.
These efforts, the government projects will generate an additional Sh64 billion to Sh128 billion, which export products currently contribute to the country's GDP annually.
The MITI has highlighted several projects, they say, have been completed since President William Ruto assumed office.
It indicates that the value of exports increased by 19.6 per cent during the last quarter of 2023 in comparison to the previous year's last quarter.
At the same time, the Ministry says that 17 county industrial parks were established, about Sh115 billion worth of investments facilitated and cotton production stepped up to 40,000 acres in 2024 from 5000 in 2022.
During the launch of a roadshow on Monday to take stock of its achievements since Kenya Kwanza administration took over, Performance and Delivery Cabinet Secretary Moses Kuria said the efforts align with the government's vision to turn around the economy.
Kuria termed milestones as tremendous achievements by President William Ruto's administration.
"Key among these achievements include an increase in NSSF membership from 1.2 million to 2.9 million members signifying a 66 per cent growth in one year, an increase in NSSF savings from Ksh1.4B to Ksh5.6 billion signifying a 600 per cent growth and an increase in job placement locally and abroad from 2.9 million to 3.1 million signifying a 3.8 per cent growth," Kuria said.
The event, which enters its climax on Saturday, brought on board 22 government ministries.
The ministries' officials are expected to generate a report that will be tabled during the next cabinet retreat for deliberations.
Revealed: Why millions are unable to afford Sh387 daily spent
The World Bank warns that rising fuel costs, weak job creation and widespread informal employment could push up to 2.4 million more Kenyans into poverty in 2026.Agoa extension gives industry breathing room, results in highest-ever export earnings
The extension of the Growth and Opportunity Act (Agoa) until the end of 2028, has promoted certainity to exporters in textile industries and also created jobs in Kenya.County workers' pension at risk in Sh2 billion Lapfund real estate mess
The Auditor General has flagged irregular contract changes and project delays that risk the loss of Sh2 billion at the Local Authorities Provident Fund (Lapfund).Beverage price wars loom as Indian billionaire acquires Kenyan firm for Sh4.8b
Kenya's soft drinks market is on brink after Indian billionaire Ravi Jaipuria snapped up a Kenyan dairy and juice plant for $32 million (Sh4.8 billion).SRC gazettes regulations to strengthen remuneration governance in public service
The Salaries and Remuneration Commission has introduced new regulations to improve transparency, link pay to performance and help control Kenya’s rising public wage bill.MOST READ
- Agoa extension gives industry breathing room, results in highest-ever export earnings
FINANCIAL STANDARD
- County workers' pension at risk in Sh2 billion Lapfund real estate mess
FINANCIAL STANDARD
- Beverage price wars loom as Indian billionaire acquires Kenyan firm for Sh4.8b
FINANCIAL STANDARD
By Brian Ngugi