Kenya seeks local, foreign investment in blue economy through new policy
Kenya is proposing tax breaks and other incentives to attract investment in fisheries, ports, shipping and other blue economy activities.
Kisumu, Kenya - The Kenyan government has introduced a draft policy aimed at attracting both local and foreign investment into the nation's maritime sector, known as the blue economy. This policy, presented during a forum in Kisumu, seeks to leverage Kenya's vast maritime resources and position the country as an attractive destination for investors.
The draft Kenya Maritime Investment Policy and Incentives Regime is designed to coordinate investment across various maritime activities, including fisheries, port operations, shipbuilding, maritime transport, and green energy. Proposed incentives include capital allowances, Value Added Tax exemptions, relief from certain levies, and non-fiscal measures like infrastructure development, streamlined documentation, and improved operational procedures.
The policy encompasses a broad range of sectors, from fisheries and ports to maritime transport, shipbuilding, and green energy. Gideon Mwangi, Director of Planning at the State Department for Shipping and Maritime Affairs, highlighted that the framework is being developed to harness Kenya's underutilized marine and inland water resources.
Key investment opportunities include Kenya's approximately 640-kilometer coastline, its Exclusive Economic Zone, and inland water bodies such as Lake Victoria, Lake Naivasha, and Lake Baringo.
Mwangi emphasized that the proposed incentives cater to both large-scale investors and small-scale operators, including fishermen who require affordable equipment. He noted the importance of access to financing for different players in the maritime economy, specifically highlighting Beach Management Units (BMUs) as crucial stakeholders.
The government is soliciting feedback from various groups, including women, young people, and persons with disabilities, before finalizing the policy. This nationwide public participation exercise is targeting counties whose economies are heavily reliant on marine and inland water resources. Consultations have already taken place in several regions, with Kisumu being among them, and the final engagement is expected in Turkana.
Stakeholders are encouraged to submit written memoranda through designated channels on the respective agencies' websites. The feedback gathered will be instrumental in shaping the final policy document.
Written by urgent.news from Capital FM Kenya's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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