This archive report was first published on 7 October 2019.
Meet shy Kenyan billionaire building Sh. 200 billion industrial park ¶
Published on October 7, 2019
Kenyan billionaire David Langat is building a Sh200 billion industrial park in Eldoret, a project he hopes will revolutionize the country's manufacturing stature. The project, which sits on a 700-acre piece of land, is a special economic zone (SEZ) that will add more digits to Langat's bank account, but also create jobs and stimulate economic growth.
Langat, a shy man who has avoided cameras since 2013, wants to be remembered for what he did for the country, rather than what he did for himself. He has interests spanning real estate, agriculture, and energy, and owns several businesses, including the Koisagat Tea Estate in Nandi County and the Kapchepet Tea Factory in Kericho County.
However, the AEZ Pearl River Industrial Park, a project he started in partnership with Guangdong New South Group Ltd, is special to him. Langat believes that the project will not only increase his wealth but also help to retrace China's path to industrial greatness in Kenya.
Langat's intention was to create an industry that would do value-addition on the agricultural produce coming out of the farms in the country's food basket. However, after the Government came up with the Special Economic Zone Act, he decided to develop the land into a special economic zone.
He admits that the consultations were costly, with him flying to China with a delegation of 21 consultants. Langat believes that the Government has a role to play in making SEZs successful, and that proper planning and support from the Government is critical.
He downplays critics who see the industrial park as a conduit for companies to do business without paying taxes, and then exit after the expiry of the grace period. Langat says that the building and the business will remain, and that the companies will still have benefited from the transfer of knowledge and the buildings will also remain.
