Lamu County Unveils Key Investment Areas for Economic Transformation
Kenya Development Corporation to avail financing opportunities to investors
The government has identified seven key priority investment areas to stimulate economic growth and transform Lamu County into a vibrant hub of commerce and industry.
The seven priority investment areas encompass a diverse range of sectors, from manufacturing to agriculture and agribusiness to healthcare, energy, tourism and infrastructure development.
Speaking during the Lamu Investment Forum co-hosted by the Kenya Development Corporation (KDC) and Lamu County Government, KDC Chairman Hon Dr. Sakwa Bunyasi said the government’s efforts to attract investments in Lamu are crucial for the county’s sustainable development and growth.
He emphasized the pivotal role of long-term finance in steering sustainable economic growth and fostering job creation.
“The sectors we have identified have the potential to transform Lamu County into a thriving economic hub, creating jobs and business opportunities and improving the overall well-being of the residents. The strategic focus on these priority investment areas aligns with the national government’s commitment to fostering an environment conducive to sustainable development and economic prosperity,” Dr. Bunyais said.
A key highlight of the event was the County Government’s plan to establish an industrial park, known as CAIP, aimed at revitalizing industries such as cotton, cashew nuts, and fruits. KDC is poised to engage potential investors and discuss feasibility studies to bolster the park’s viability.
“Lamu is a prime destination for investment, brimming with untapped potential across a diverse range of sectors. From tourism and agriculture to infrastructure and renewable energy, our county offers a wealth of opportunities for profitable ventures,” Lamu County Governor H.E. Issa Timamy said.
“We are committed to fostering a conducive environment for investment and unwavering support for our partners. We welcome public-private partnerships and other joint ventures that align with our vision for sustainable and inclusive development.”
Addressing the challenges faced by Kenya’s cashew nut sector, plans were unveiled to establish a cashew nut factory in the Hindi Ward. KDC expressed its readiness to collaborate with the county government to explore financing opportunities through public-private partnerships.
“We are excited about the partnership potential with the Lamu County government. It enables us to open a path for investors to one of the most promising markets in our country. The Lamu investment forum has been a turning point to explore these opportunities, discuss challenges and solutions, and strengthen the partnerships necessary to realize our aspirations,” KDC Director General Norah Ratemo said.
In acknowledging the resilience of Lamu’s tourism sector, KDC affirmed its intent to collaborate with the tourism industry in financing projects outlined in the Lamu County Integrated Development Plan. The corporation sees potential in enhancing tourism through festivals, events, destination branding, and halal promotion.
The envisioned Lamu Special Economic Zone (LSEZ) also captured attention during discussions aimed at stimulating industrial growth and generating employment opportunities. KDC expressed its commitment to engaging relevant authorities on financing opportunities for this ambitious project.
Themed Promoting Long-term Finance for Sustainable Economic Growth and Job Creation” brought together local and international investors, investment professionals, government agencies, entrepreneurs, and policymakers to explore and harness investment opportunities in Lamu County.
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