Popular mall Two Rivers declared a special economic zone
Investment, Trade and Industry Cabinet Secretary Moses Kuria has officially designated Two Rivers International Financial Centre as a Special Economic Zone (SEZ).
The designation signifies a pivotal moment in Kenya’s economic development and substantially enhances Africa’s global investment standing.
The announcement was made through a gazette notice dated July 14, 2023, and falls under the authority of the Special Economic Zones Act.
“In exercise of the powers conferred by section 4 (1) of the Special Economic Zones Act, the Cabinet Secretary for Investments, Trade and Industry declares the land specified in the Schedule hereto to be a Special Economic Zone,” the gazette notice read.
“Part of the parcel of land known as Title Number LR No. 22/365, originally 22/360, measuring approximately 25.089 hectares (64 acres) or thereabouts, situated in Nairobi County.”
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The gazettement of Two Rivers International Financial Center as a Special Economic Zone marks a giant milestone in the development of Kenya's Economic Landscape and a major boost for Africa's global investment profile. pic.twitter.com/INyW0gVoTH
— CS Moses Kuria (@HonMoses_Kuria) June 20, 2023
Kuria said that the designation of Two Rivers as SEZ will tremendously impact Kenya’s economic landscape and the notable advancement it signifies for Africa’s global investment profile.
“The gazettement of Two Rivers International Financial Center as a Special Economic Zone marks a giant milestone in the development of Kenya’s Economic Landscape and a major boost for Africa’s global investment profile,” stated Kuria, underscoring the significance of this momentous declaration.
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Establishing Two Rivers International Financial Centre as a Special Economic Zone promises manifold benefits for Kenya’s economy.
The Special Economic Zone status will attract foreign direct investment, foster trade, and encourage establishing diverse industries within the designated area.
A special economic zone is an area where business and trade laws differ from the rest of the country.
SEZs are located within a country’s national borders, and their aims include increasing trade balance, employment, increased investment, job creation and effective administration.
Two Rivers was opened in February 2017 and is a development of Kenyan investment firm Centum and the Chinese aviation and engineering corporation AVIC International.
It is situated at the northern end of Nairobi County, making it a long commute for many city residents. Access is through Limuru Road, a key city road that is very busy on weekdays.
The other entry is from the Northern Bypass, a highway that circumvents central Nairobi and provides quicker access from the northern suburbs and the neighboring county of Kiambu.
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