Investor promise and groundwork laid for a textile factory worth Sh65 billion under Ruto's supervision
The Vipingo Special Economic Zone (SEZ), located in Kilifi County, is set to revolutionise Kenya's industrial landscape. The Sh65 billion textile plant, a significant part of the industries expected to be housed in the Vipingo SEZ, is being funded by Arise Integrated Industrial Properties (ARISE IIP) and Centum Investment Company.
The industrial park, spanning over 2,000 acres within a larger 10,000-acre development, will offer a commercial zone, a warehouse zone, and a residential zone. The warehouse zone will provide Grade A warehousing space of up to 200,000 SQM.
The Vipingo SEZ is expected to contribute significantly to job creation. Direct employment is projected to reach 50,000, while indirect employment could potentially reach 250,000. This development aligns with the President's assurance of 30,000 jobs in the textile industry alone.
The project's CEO, James Mworia, from Centum Investment Company, emphasised the opportunity the Vipingo SEZ presents to close a critical gap linking trade agreements to investment and production. This sentiment is echoed by ARISE IIP's Founder and CEO, Gagan Gupta, who highlighted Kenya's strategic location, skilled workforce, and supportive investment climate as factors that make it an ideal destination for long-term growth.
The collaboration on the Vipingo SEZ signals growing global investor confidence in Kenya's SEZ model. This is evident in the Sh200 billion manufacturer from China and a phone assembling firm that have already shown interest in the SEZ.
The launch of the Vipingo SEZ follows a strategic partnership with Vision Invest of Saudi Arabia, enhancing ARISE IIP's capacity to deliver large-scale industrial projects. The President has also assured investors of economic stability, further boosting confidence in the project.
Moreover, the Vipingo SEZ will serve as a hub for various industries including manufacturing, agro-processing, pharmaceuticals, textiles, logistics, and more. The project is anticipated to attract $100 million in local and foreign direct investment.
As Kenya continues to establish itself as a leader in SEZ-driven growth, the Vipingo SEZ is just one of several projects ARISE IIP is working on. The company is also involved in the Naivasha SEZ and the Dongo Kundu SEZ, further solidifying Kenya's position in the SEZ realm.
The government, too, has shown its commitment to the project, with a five-year cycle before any changes on policy are made. This stability provides a conducive environment for long-term investment and growth in the Vipingo SEZ.
Read also:
- Global Content Dissemination Through Cross-Linguistic Voiceovers
- Development of Restaurant Apps: Expenses and Essential Elements
- Time is of the essence
- European transportation's sustainability and competitiveness rely on a "green industrial agreement" that serves the interests of both corporations and residents, as discussed in an Editorial from August 2024.
