Ruto assures investors, lays ground for Sh65b textile plant

President William Ruto is joined by cabinet secretaries and local leaders during an inspection of the 8KM Dzitsoni-Jaribuni road in Kauma, Kilifi County. [PCS] President William Ruto has assured investors of economic stability as a Sh65 billion textile plant set base in Vipingo, Kilifi County. Ruto said there would be no change of policies within a five-year cycle as a measure for predictability of the business ecosystem. The President spoke during the laying of a foundation for Vipingo Special Economic Zone, a project funded by Arise Integrated Industrial Properties (ARISE IIP) and Centum Investment Company. "The government has deliberately become predictable in terms of its decisions that revolve around policy and legislations that affect businesses and investments. We have a five year cycle before any changes on policy is made in the eco-system," said Ruto. The 2,000-acre industrial park, situated within a larger 10,000-acre development, is expected to attract $100 million in local and foreign direct investment while creating 50,000 direct and 250,000 indirect jobs. "Special Economic Zones are where we want to add value to all the raw materials we produce in Kenya. The policy interventions that we have put in place are creating the correct fiscal and financial ecosystems to support this enterprise," said the President. Ruto welcomed the ARISE IIP that specialises in building and managing industrial parks that accelerate economic transformation by attracting investments and fostering local value addition, with a presence in West, East, and Southern Africa The President, while closing the Arise IIP- Kenya Investment Forum in Vipingo Ridge, said the textile industry would provide 30,000 jobs. The forum brought together global investors, DFIs, policymakers and industry leaders who seek a pie of the SEZ. Ruto said that the SEZ has also attracted a Sh200 billion manufacturer from China and a phone assembling firm. "We import huge amount of products that we can manufacture. How do we stop Kenya from being an exporter of materials and create value out of the raw materials. We also export our jobs." Ruto said Kenya spends $5 billion to educate youth and produces one million young people to the job market every year. Arise IIP Founder and CEO, Gagan Gupta, said Kenya's strategic location, skilled workforce, and supportive investment climate make it an ideal destination for long-term growth. He said Kenya is growing as a regional industrial and logistics hub "We are committed to collaborating with both government and private sector to unlock the country's potential and drive sustainable industrialization that creates jobs, builds local value chains, and strengthens Kenya's position in regional and global trade," he said. [Joackim Bwana] The CEO said that Vipingo SEZ, will serve as a hub for manufacturing, agro-processing, pharmaceuticals, textiles, logistics, and otherindustries. "It will provide infrastructure support, including a commercial zone with plots for retail development, a warehouse zone offering Grade A warehousing space of up to 200,000 SQM, and a residential zone with plots for villas and worker dormitories," said Gupta. He said that the Vipingo SEZ launch follows shortly after ARISE IIP announced a strategic partnership with Vision Invest of Saudi Arabia, enhancing the company's capacity to deliver large-scale industrial projects. He said the collaboration signals growing global investor confidence in Kenya's SEZ model. James Mworia, CEO of Centum Investment Company, said that the Vipingo SEZ provides an opportunity to close a critical gap linking our trade agreements to investment and to production. "Kenya has signed strong trade agreements with the EU, UK, US, and across Africa through AfCFTA. To seize the opportunities created by the trade agreements, we must attract investors who can produce competitively for those markets, and that is exactly whatSEZs are designed to do." said Mworia He said that Kenya is quickly establishing itself as a leader in SEZ-driven growth. "Besides the Vipingo SEZ, ARISE IIP is working with the Government of Kenya and Afreximbank to develop the 1,000-acre Naivasha SEZ and the 500-acre Dongo Kundu SEZ. Theseprojects highlight the company's mission to industrialize Africa through sustainable ecosystems that generate long-term value," said Mworia.

Ruto assures investors, lays ground for Sh65b textile plant

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