Nairobi, Nov 29 (SocialNews.XYZ) Kenyan President William Ruto called on African nations to integrate special economic zones (SEZs) into a continental transformation strategy to drive growth.
Speaking at the official opening of the ninth African Economic Zones Organization's annual meeting in Nairobi, Kenya's capital, Ruto said that SEZs are vital for attracting investment, creating jobs, and driving technological advancements, all of which are critical to building a competitive and inclusive economy, Xinhua news agency reported.
Ruto called on African countries to explore collaborative opportunities to enhance the role of SEZs as catalysts for economic renaissance and collective transformation across the continent.
"That is why special economic zones are indispensable engines of growth," he said, noting that Kenya is committed to advancing collaborative frameworks with all African nations and partnerships in Africa's SEZs align with the shared vision of harnessing the potential of the African Continental Free Trade Area.
"The African Continental Free Trade Area represents a historic opportunity to create a tariff-free Africa, boost intra-African trade and investment, drive industrialisation, and generate meaningful employment for our youth," he said.
He stressed the need for Africa to reduce dependence on external support by building a self-reliant, pan-African economic area rooted in integration, innovation, and enhanced collaboration. He said the continent must seek ways of utilising its abundant natural resources and human capital to drive inclusive economic growth.
"It is imperative that we transition swiftly from dependence on raw material production to competitive export production and value addition through industrialisation," he said.
Ruto said his government has introduced reforms to enhance the operational environment for SEZs, adding that the enactment of SEZ laws in 2015 laid the groundwork for significant progress in sectors such as manufacturing, technology and agriculture.
Starting from Wednesday, the three-day meeting organised by the African Union (AU) was held under the theme "Building Resilient, Inclusive and Sustainable Economies: The Role of African SEZs in Attracting Impactful Investments and Redefining Competitiveness."
More than 300 participants, including policymakers, operators, financial institutions, and United Nations officials, convened at the Kenyatta International Convention Centre in Nairobi to address challenges faced by SEZs.
Source: IANS
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