Nakuru: The Nakuru County administration is implementing a series of tax reforms aimed at enhancing the region's appeal to investors. These reforms include harmonizing fees and eliminating non-tariff barriers to trade, with the goal of encouraging investment and reducing costs for end consumers.
According to Kenya News Agency, the county government has been reviewing multiple levies and taxes that have been hindering trade within and between counties, thus discouraging investments. Deputy Governor David Kones highlighted that the expansion of agribusiness and small-scale trade is driving new demand for financial services, as farmers and entrepreneurs seek improved access to credit.
Speaking at the opening of a new Development Bank of Kenya (DBK) branch in Nakuru, Kones emphasized the bank's role in supporting local farmers and traders by providing accessible banking services. He stated that better access to loans would help unlock the county's economic potential, with the bank becoming a crucial partner in Nakuru's transformative journey.
Kones noted that Nakuru, a key food basket in the Rift Valley, is keen to attract investors to its vibrant agricultural sector. The county aims to add value to its produce and expand direct sales to foreign markets, including East African countries. As a leading producer of crops like potatoes, carrots, milk, and vegetables, Nakuru is solidifying its position as a prime investment destination.
The Deputy Governor pointed out that Nakuru County is committed to creating a conducive environment for business growth, reducing the burden of multiple permits and licenses, and positioning the county as a regional economic powerhouse. He also discussed the County Licensing (Uniform Procedures) Act, 2024, which aims to standardize licensing procedures across all counties, eliminating inconsistencies that hinder business growth.
County Director for Trade, John Macharia, emphasized the importance of partnerships between businesses and the county government to enhance development through infrastructure building, natural resource restoration, and job creation. Economic surveys have identified Nakuru as a rising investment destination, with significant potential in agricultural value addition, manufacturing, geothermal exploration, tourism, and real estate.
DBK Chief Executive Officer Johnson Kiniti highlighted Nakuru's strategic importance within Kenya's financial corridor and reiterated the bank's commitment to supporting small and medium-sized enterprises (SMEs) and agricultural value chains. Nakuru's geothermal energy potential also presents exciting investment opportunities, with ongoing geothermal production anticipated to boost the county's economy.
The county's tourism sector, featuring sites like Lake Naivasha, Lake Nakuru National Park, and others, along with its status as a conference hub, further contributes to its economic prospects. With these developments, Nakuru County is well-positioned to attract both local and international investors, fostering economic growth and improving living standards for its residents.