Two Rivers International Financial Centre has been officially declared a Special Economic Zone (SEZ) by Moses Kuria who is the Cabinet Secretary of Investment, Trade and Industry. The announcement was made through a gazette notice dated June 14,2023 and falls under the authority of the Special Economic Zones Act.
This significant move aims to attract local and foreign investments, foster economic growth, and solidify the mall’s position as a regional powerhouse in the retail and entertainment sector. The declaration of Two Rivers Mall as a Special Economic Zone came after careful deliberation by the relevant government authorities, taking into account the mall’s immense potential to drive economic activities and create employment opportunities. This move aligns with Kenya’s broader strategy to boost investment, expand trade, and attract global players to the country.
With the SEZ status, Two Rivers Mall will enjoy a range of benefits that will further enhance its attractiveness as a prime investment destination. These benefits include tax incentives, streamlined administrative procedures, and a business-friendly environment. The mall’s designation as an SEZ is expected to attract a diverse range of local and international businesses, encouraging them to set up shop and contribute to the local economy.
Speaking at the official declaration ceremony, the Kenyan Minister of Investment, Trade and Industry highlighted the significance of this development. He stated, The Two Rivers International Financial Centre as a SEZ marks a giant milestone in the development of Kenyan Economic landscape and a major boost for Africa’s global investment profile.
The SEZ status will pave the way for an array of investment opportunities within Two Rivers Mall, enabling businesses to expand their operations and capitalize on the mall’s existing infrastructure and facilities. This includes the mall’s retail outlets, cinemas, restaurants, and recreational areas, which will be further leveraged to attract investors and enhance the overall shopping and entertainment experience for visitors.
In addition to the immediate economic benefits, the SEZ status is expected to have a positive ripple effect on the local community. As businesses flock to Two Rivers Mall, there will be a surge in job creation, providing employment opportunities for the local workforce. Moreover, the increased economic activity is likely to spur the development of ancillary industries, further fueling the growth of the surrounding area.
The declaration of Two Rivers Mall as a Special Economic Zone marks a significant milestone in Kenya’s economic landscape. It positions the mall as a key player in the country’s ongoing development and provides a strong impetus for further growth and investment in the region. As the mall evolves into a bustling economic hub, the effects of this transformative move are expected to extend beyond its walls.
As investors and businesses gear up to take advantage of the numerous benefits offered by the SEZ status, all eyes are on Two Rivers Mall, eagerly awaiting the next chapter in its remarkable journey towards becoming a thriving economic powerhouse.
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