Tatu City has announced a strategic partnership with the China-Africa Economic and Trade Chamber of Commerce (CAETC), backed by the Changsha County Government.
A press statement issued today stated that the two entities’ collaboration aims to stimulate bilateral investment between Kenya and China.
CAETC is a non-profit social organisation comprising Changsha-based enterprises and has played a crucial role in fostering trade and cooperation between China and Africa.
Solomon Mahinda, Executive Vice President of Tatu City, said that promoting investments and market access in Africa through favourable trade policies has been an ongoing conversation.
Our collaboration with CAETC is a step towards enduring friendships between our countries and establishing Kenya and the greater East Africa region as the landing ports for continental investments,” he said.
Johanna Chen, Executive President of the Changsha Chamber of Commerce, hailed the partnership as a significant milestone in strengthening ties between China and Kenya.
“We are excited about the potential to drive economic growth through Tatu City SEZ,” she said.
Tatu City, the 5,000-acre mixed-use Special Economic Zone (SEZ), is already home to several Chinese companies, including Sinotruk’s assembly, Tianglong, a gas cylinder manufacturer, Stecol Corporation, a global construction and engineering company, and footwear manufacturer Peonystar.
The SEZ hosts over 75 companies, either operational or under development, representing over Sh300 billion (USD 2 billion) in investments in Kenya.
These companies, employing more than 9,000 people, include Dormans, Copia, Cooper K-Brands, Grit Real Estate Income Group, Twiga Foods, Freight Forwarders Solutions, Friendship Group, Davis & Shirtliff, Kenya Wine Agencies Limited, and Roast by Carnivore.
Businesses operating in Tatu City SEZ enjoy benefits such as VAT zero-rating, import and stamp duty exemptions, and a reduced corporate tax rate of 10 per cent for the first 10 years and 15 per cent for the subsequent 10 years.
Source: Kenya News