Kenya’s Government has approved the establishment of Free Trade Zone (FTZ) in Mombasa. It will be the first free trade zone in East Africa and the project is expected to be ready by 2015 and it is being implemented by the ministry of Industrialization and Enterprise Development, which has already opened the search for consultants to carry out a feasibility study on the FTZ.
FTZ is expected to promote and strengthen trade within the East, Central and Southern Africa by allowing trading of goods without paying duty within the zone. Also the free trade zone is expected to start operations with motor vehicles, household goods, and construction materials.
The establishment of free trade zone will be a catalyst for attracting global and local investors and multinational corporations to Kenya.
For the wider African continent, the free trade zone is expected to open up a ready market and thus spur numerous economic activities for the country raising the country’s trade volumes as well as create a number of new jobs.
This will assist stimulate local, regional and international trade as well as investment. It is intended to improve Kenya’s global competitiveness.
Free trade zone is expected to support innovation, and investment leading to growth and expansion of the economy and employment in the country.
For more details reach us at [email protected]
