The County Assembly of Nakuru is supporting policies and legislations that facilitate a stable, predictable and conducive environment for businesses and investments to thrive.
Speaker of Nakuru County Assembly Joel Karuri said they were actively engaged in public-private sector partnerships in shaping practical and responsive legislation towards providing a business-friendly environment to improve infrastructure, streamline regulations, foster innovation and lower the cost of doing business.
While acknowledging that counties were integral to Kenya’s development and were a focal point in attracting investors, the speaker emphasized the need for devolved units to introduce incentives such as tax breaks and streamlined licensing processes for specific industries and enact laws or policies designed to reduce bureaucratic hurdles for businesses.
“This Assembly remains committed to policies that support enterprise development and economic sustainability, and will encourage robust cooperation between the national and county governments to help lower the cost of doing business,” stated the Speaker.
The Speaker made the remarks at the County Assembly of Nakuru chambers when he hosted a delegation of business leaders. The meeting aimed at fostering stronger ties between the Assembly and the private sector.
The delegation led by Hindu Council chairperson Shailesh Sheth included Kenya Association of Manufacturers (KAM), South Rift Chapter Chairperson Ms Whitney Maina, KAM Regional Coordinator Ms Susan Njuguna and Kenya National Chamber of Commerce and Industry (KNCCI) Nakuru chapter Manager Ms Jessica Njeri, among other business leaders.
The forum deliberated on key issues revolving around taxation, licensing, business regulation and opportunities for public-private partnerships to support economic growth in Nakuru County.
Mr Karuri added that Nakuru offered significant opportunities in vital sectors such as agriculture, manufacturing, transport (logistics), housing, hospitality, tourism and infrastructure development, among others.
The Speaker noted that Economic Survey findings by various institutions show Nakuru is fast rising to become the most preferred investment destination for local and international investors.
“It is projected that the county has an economic potential worth Sh200 billion in agricultural value addition, manufacturing, geothermal exploration, tourism, and real estate,” he stated.
Results of a previous survey released by the Institute of Economic Affairs showed it is easier to start a business in Nakuru City compared to five other populous urban areas.
Economists attributed this mainly to reduced tax burden, which has made it more attractive to investors. The study gave the county an overall score of 89 in the tax sub-cluster, followed by Eldoret (78) and Machakos (67).
Towards boosting the county’s industrial growth, Karuri said Governor Susan Kihika’s administration was working closely with the national government to establish two industrial parks that are expected to completely transform the devolved unit’s fortunes as the preferred investment destination.
The proposed agro-industrial park in Njoro, which will be located at Ngongongeri farm owned by Egerton University, which has allocated the project 200 acres of land, will be the second in the region after the establishment of the Naivasha Economic Zone.
Deputy Speaker Anthony Kanyere emphasized the Assembly’s commitment to receive suggestions and act on stakeholder feedback, noting that investors in the agriculture sector had immense opportunities in value addition and processing for maize, oil crops, pyrethrum, potatoes, horticulture, grains, dairy and wool.
“Our doors remain open to the business community. We value their input in building a thriving and inclusive economic environment,” he said.
According to Mr Kanyere, geothermal power generation at the Menengai Crater was also an economic opportunity that should be harnessed for agricultural industries.
The Deputy Speaker indicated that geothermal steam wells at the crater have a capacity of 105 megawatts with the potential to attract easy ‘green’ funding for new investments, while the Lanet Airport, which is under construction, targets the direct export of produce to Europe and other global markets.
With its abundant natural resources, good infrastructure, strategic location and reliable supply of skilled labour, he noted that Nakuru County was a huge untapped goldmine and game-changer whose time to mainstream into the national socio-economic fabric could not wait any longer.
He stated that there were also numerous investment opportunities for both local and international investors in Nakuru in the environment and waste management, renewable energy, agribusiness, infrastructure, real estate and information technology-enabled services sectors.
The Hindu Council chairperson, Mr Shailesh Sheth, emphasized the need for prudent budget utilization to create an enabling environment for investors. He reiterated the importance of aligning investment policies with Nakuru’s development agenda towards attracting sustainable investments and unlocking economic potential across various sectors.
Sheth noted one of the most effective ways to boost the region’s attractiveness to investors was via reforms in the tax regime through harmonization of fees and elimination of non-tariff barriers to trade.
He underscored the importance of reviewing a multiplicity of levies and taxes that are affecting the devolved unit’s intra-county and inter-county trade, thereby discouraging investments while raising prices for the end consumer.
By Esther Mwangi
