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EPZ sales rise despite global slowdown

BUSINESS
By - Philip Mwakio | November 26th 2012

By Philip Mwakio

The country’s Export Processsing Zones (EPZ) have grew last year despite the Euro crisis and economic showdown in the US.

“The EPZ  turnover sales  rose by 21.6 per cent  to stand at Sh39.32 billion  while exports increased  by 22.4 per cent  to stand at Sh35.48 billion,” Trade Permanent Secretary, Engineer Abdulrazaq Ali said at an Export Processing Zones Authority (EPZA) investors forum.

The forum is an annual event where stakeholders discuss and deliberate on issues affecting EPZA’s.

“This is a good indicator of the investor confidence despite the challenges faced in the major world markets,” said the PS.

Increased investments

He added that the country now has 46 EPZ zones while local investors have increased their investments in the companies.

“I am pleased to learn that the sector on total domestic expenditure hit the Sh15.49 billion mark in its impact on domestic expenditure. This signifies a shift in companies wanting to deal more with local based companies,” Eng Ali said.

Meanwhile, EPZA Acting Chief Executive, Benjamin Chesang said that transformation of the EPZA as envisaged in Vision 2030 economic masterplan into Special Economic Zones (SEZ) was well on course.

“SEZ will be beneficial to the nation as jobs will be created. SEZ has been identified as a flagship project to help Kenya achieve a 10 per cent economic growth annually by 2030,” Chesang said.

He said that the presence of educated, motivated and productive labour force in the country is also plus to SEZ establishments.

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