Nakuru: 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 emphasized the assembly's active engagement in public-private partnerships to shape practical legislation aimed at improving infrastructure, streamlining regulations, fostering innovation, and lowering business costs.
According to Kenya News Agency, the Speaker acknowledged the importance of counties in Kenya's development, emphasizing the need for devolved units to introduce incentives such as tax breaks and streamlined licensing processes. These measures aim to reduce bureaucratic hurdles for businesses and attract investors to the region.
The Speaker made these remarks during a meeting at the County Assembly of Nakuru chambers with a delegation of business leaders. Led by Hindu Council chairperson Shailesh Sheth, the delegation included representatives from the Kenya Association of Manufacturers (KAM), South Rift Chapter, and the Kenya National Chamber of Commerce and Industry (KNCCI) Nakuru chapter. The forum focused on issues such as taxation, licensing, business regulation, and opportunities for public-private partnerships to support economic growth in Nakuru County.
Mr. Karuri highlighted Nakuru's significant opportunities in sectors like agriculture, manufacturing, transport, housing, hospitality, tourism, and infrastructure. Economic surveys suggest that Nakuru is becoming a preferred investment destination due to its economic potential, valued at Sh200 billion in various sectors.
A previous survey by the Institute of Economic Affairs showed Nakuru City as an easier place to start a business compared to other urban areas, attributing this to a reduced tax burden. The county scored 89 in the tax sub-cluster, surpassing Eldoret and Machakos.
To boost industrial growth, Karuri noted that Governor Susan Kihika's administration is collaborating with the national government to establish two industrial parks. The proposed agro-industrial park in Njoro, located at Ngongongeri farm with 200 acres allocated by Egerton University, will follow the Naivasha Economic Zone's establishment.
Deputy Speaker Anthony Kanyere emphasized the Assembly's commitment to stakeholder feedback, particularly in the agriculture sector, where opportunities for value addition and processing abound. He highlighted geothermal power generation at the Menengai Crater as an economic opportunity, with its potential to attract green funding for new investments.
Kanyere also noted that the ongoing construction of Lanet Airport aims to facilitate direct produce exports to Europe and other markets. With its abundant resources, strategic location, and skilled labor supply, Nakuru County presents numerous investment opportunities in sectors like environmental management, renewable energy, agribusiness, and IT-enabled services.
Hindu Council chairperson Shailesh Sheth stressed prudent budget utilization to create an enabling environment for investors. He emphasized aligning investment policies with Nakuru's development agenda to attract sustainable investments and unlock the county's economic potential. Sheth advocated for tax regime reforms, including harmonizing fees and eliminating trade barriers, to enhance the region's attractiveness to investors.