14 February 2014

Kenya to Establish Free Trade Zone in Mombasa

The Kenyan cabinet on Thursday (February 13th) approved the establishment of a free trade zone in Mombasa in order to facilitate regional and international trade and promote investment, Kenya's Daily Nation reported.

"The free trade zone will also open up a ready market for the wider African continent and thus spur numerous economic activities for the country," the cabinet said in a statement.

The free trade zone is expected to strengthen trade in Africa by allowing goods to enter the region duty-free for the first time, raising Kenya's trade volumes and creating opportunities for employment.

Also on Thursday, Kenya exported its first consignment of 25,000 tonnes of ilmenite, a major component of titanium mineral ore, destined for China, Kenya's Capital FM reported.

Cabinet Secretary of Mining Najib Balala said the Ministry of Mining issued Australian firm Base Titanium an export permit allowing it to export over 450,000 tonnes of the ilmenite, zircon and rutile titanium minerals annually.

The export agreement is expected to contribute 17.1 billion shillings ($197.8 million) annually to Kenya's economy.

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