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Leather Value Chain Investment Profile

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Leather Value Chain Investment Profile LEATHER VALUE CHAIN INVESTMENT PROFILE KENYA © ITC (cc) Make it Kenya LEATHER VALUE CHAIN INVESTMENT PROFILE KENYA 2018 Mr. Moses Ikiara Managing Director KENYA INVESTMENT AUTHORITY ( KENINVEST ) FOREWORD As Kenya strives to become an industrialized, middle-income country by 2030, developing the leather and leather goods sector offers an opportunity for industrialization and diversification of exports, according to a recent World Bank report. Indeed, leather processing has been identified as a priority manufacturing sub-sector in Kenya’s Big 4 Agenda for the period up to 2022. The target for the manufacturing industry is to raise the sector’s contribution to the Gross Domestic Product (GDP) from less than 9% to 15% by 2022. Despite owning a fifth of the global livestock population, African countries account for 4% of world leather production and 3.3% of value addition in leather according to the report. The world trade in leather is currently growing and is estimated at more than $100 billion a year and the demand for leather and leather products is growing faster than supply. For Kenya, home to the third largest livestock populations in Africa, leather represents a potential area for sustainable economic growth and employment. However, value addition in the leather sector has been minimal, and most of Kenya’s exports have been in the form of unprocessed, raw hides and skins. The leather sector can contribute to economic growth through expanding exports of both semi-processed and finished leather goods. The development of the sector involves improving the raw material base (especially the quality of hides and skins), boosting the tanning subsector, producing leather goods, and marketing. The leather sector in Kenya is estimated to be worth over Sh50 billion annually. Unfortunately, exporting raw hides and skins has denied the country billions of shillings in direct earnings and thousands of job opportunities. Over 90% of Kenya’s $94 million (Sh9.4 billion) leather exports are unfinished wet blue leather, yet further processing could create at least 50,000 jobs and $150-250 million (Sh15-25 billion) in GDP. The Kenya Investment Authority (KenInvest) is a statutory body currently operating under an Act of Parliament (Investment Promotion Act No. 6 of 2004) with the main objective of promoting investments in Kenya, including the investment opportunities in the leather sector. It is responsible for facilitating the implementation of new leather sector related investment projects, providing after care services for new and existing investments, as well as organizing investment promotion activities both locally and internationally. A modern one stop centre has been set up to provide public services to investors under one roof and with utmost effectiveness. Kenya seeks to produce 20 million shoes by 2022 in the leather industry in order to reduce the current import of finished shoes. The focus will be on training and setting up of 5,000 cottage industries to boost production in addition to a leather park to be established in Machakos to take advantage of the country’s hide and skin production. This profile guideline prepared by KenInvest in partnership with the International Trade Centre’s SITA project KENYA is therefore timely. It is expected to provide all the necessary information required by investors interested to invest in the country in the livestock value chain particularly the leather subsector. It is our sincere hope that this guide will encourage and drive the transformation of the leather sector in the country. Kenya is ready and open for business; we welcome investors in the leather sector to consider the immense opportunities in the country. LEATHER VALUE CHAIN INVESTMENT PROFILE VALUE LEATHER 4 ACKNOWLEDGEMENTS This profile has been produced under the framework of the Supporting Indian Trade and Investment for Africa ( SITA ) project, funded by the Department for International Development, Government of the United Kingdom, and implemented by International Trade Centre. SITA is a South-South trade and investment project aimed at improving the competitiveness of select value chains and increasing investment in five East African countries through partnerships with institutions and businesses from India. Special contributions to writing this report have been provided by: Quality Assurance: International Trade Centre ( ITC ), Supporting Indian Trade and Investment for Africa ( SITA ) – T.C.A. Ranganathan, External Consultant; Jarmila Sarda, Investment Expert ( SITA ); Authors: Aristide Djimgou Tchakounte, Nicholas Mudungwe Layout: Jesús Alés Editor: Vanessa Finaughty The views expressed in this report are those of the authors and do not represent the official position of International Trade Centre, Tanzania Investment Centre or the Government of the United Kingdom. The images used in this profile may not always accurately reflect the country context. © International Trade Centre 2018 ITC encourages reprints and translations for wider dissemination. Short extracts may be freely reproduced, with due KENYA acknowledgement, using the suggestion citation. For more extensive reprints or translations, please contact ITC, using the online permission request form: http://www.intracen.org/Reproduction-Permission-Request/ LEATHER VALUE CHAIN INVESTMENT PROFILE VALUE LEATHER 5 Table of Contents WHY KENYA? 10 TRADE AND INVESTMENT CLIMATE 27 OVERVIEW 10 TRADE 27 Favourable geographical location 10 Liberal trade policy 27 Political stability and progress 10 Commitment to bilateral and multilateral investment Vibrant GDP performance 10 and trade agreements 27 Effective monetary policy 29 and inflation stability 11 INVESTMENT INCENTIVES Fiscal and financial incentives 30 Liberal foreign exchange regime 12 Export and import incentives 31 Strong financial sector performance 12 Rapid growth in global competitiveness 13 TAXES 32 Foreign direct investment dynamics Transparent taxation system 32 on an upward trend 13 Taxation and company registration Export and import policies 14 procedures 32 Competitive operating and utility costs 16 Customs duties 33 An attractive human resource pool VISAS AND WORK PERMITS 33 and a rising middle class 16 REGISTRATION PROCEDURES FOR COMPANIES 34 GLOBAL AND REGIONAL Registration requirements 34 IMPORTANCE OF LEATHER 18 Sector-specific rules 36 KENYAN LEATHER INDUSTRY OVERVIEW 19 BUYING LAND 37 KENYAN LEATHER VALUE CHAIN 21 Land purchase procedures 37 INVESTMENT OPPORTUNITIES IN THE KENYAN LEATHER SECTOR 22 USEFUL CONTACTS 38 Investment in modernized slaughterhouses 22 REFERENCES 42 Investment opportunities in the production of finished leather 23 Investment opportunities in the production of footwear 23 KENYA Kariokor Market 24 Kenya Leather Park 25 LEATHER VALUE CHAIN INVESTMENT PROFILE VALUE LEATHER 6 List of Tables TABLE 1: GLOBAL ECONOMIC GROWTH ( % ) 11 TABLE 2: NOMINAL INTEREST RATE, 2013–2017 ( % ) 13 TABLE 3: COSTS OF UTILITIES AND OTHER PRODUCTION FACTORS 16 TABLE 4: SELECTED SLAUGHTERHOUSES IN KENYA 22 TABLE 5: SELECTED TANNERIES AND THEIR CAPACITY USAGE 23 TABLE 6: SELECTED KENYAN FOOTWEAR MANUFACTURERS 24 TABLE 7: SELECTED KENYAN LEATHER GOODS MANUFACTURERS 25 TABLE 8: NGOZI KENYA LEATHER PARK, KINANIE, MACHAKO COUNTY 26 TABLE 9: INVESTMENT INCENTIVES FOR EXPORT PROCESSING ZONES AND SPECIAL ECONOMIC ZONES IN KENYA 30 TABLE 10: OVERVIEW OF CAPITAL DEDUCTION MEASURES FOR INVESTORS IN KENYA 31 TABLE 11: EXPORT AND IMPORT INCENTIVES 32 TABLE 12: INDIVIDUAL INCOME TAX 32 TABLE 13: BUSINESS TAXES AND EXEMPTION OF TAXES 32 EXEMPTION OF TAXES 33 TABLE 14: CUSTOMS DUTIES IN KENYA 33 TABLE 15: REGULATIONS FOR THE ESTABLISHMENT OF A FOREIGN-OWNED COMPANY IN KENYA 34 TABLE 16: REGISTERING A LOCAL COMPANY ( BY FOREIGNERS ) 35 TABLE 17: REGISTERING A BRANCH OF A FOREIGN COMPANY 35 KENYAN INVESTMENT FACILITATION INSTITUTIONS 38 FINANCIAL INSTITUTIONS 38 KENYA LEATHER VALUE CHAIN INVESTMENT PROFILE VALUE LEATHER 7 List of Figures FIGURE 1: KENYA’S GDP GROWTH AND ANNUAL INFLATION RATE AT CONSUMER PRICE ( 2012–2016 ) 11 FIGURE 2: KENYAN SHILLING EXCHANGE RATE 12 FIGURE 3: SHARE OF FDI INFLOWS IN KENYA BY ECONOMIC BLOCS 14 FIGURE 4: DISTRIBUTION OF IMPORTING MARKETS FOR KENYAN EXPORTS 15 FIGURE 5: DISTRIBUTION OF SUPPLYING MARKETS FOR KENYAN IMPORTS 15 FIGURE 6: KENYA’S POPULATION BY AGE GROUP 17 FIGURE 7: LEATHER INDUSTRY VALUE CHAIN 18 FIGURE 8: PRODUCTION TREND OF HIDES AND SKINS IN AFRICA ( 2003–2014 ) 19 FIGURE 9: GROWING TRENDS IN THE LEATHER INDUSTRY 20 FIGURE 10: MAIN SUPPLIERS OF LEATHER FOOTWEAR IMPORTED BY KENYA ( 2009–2016 ) 20 FIGURE 11: OVERVIEW OF THE KENYAN LEATHER VALUE CHAIN 21 FIGURE 12: KENYAN IMPORT OF FOOTWEAR AND PARTS OF FOOTWEAR ( 2006–2015 ) 24 FIGURE 13: TRIPARTITE FREE TRADE AREA MAP 28 FIGURE 14: KENYAN MULTILATERAL TRADE AGREEMENTS 29 FIGURE 15: FORMS OF FOREIGN COMPANY SET-UPS IN KENYA 34 BOX 1: STEPS TO GET AN OPERATIONAL ENTITY 36 KENYA LEATHER VALUE CHAIN INVESTMENT PROFILE VALUE LEATHER 8 Abbreviations & Acronyms ACP African, Caribbean and Pacific KAM Kenyan Association of Manufacturers Countries and Regions KenInvest Kenya Investment Authority AGOA African Growth and Opportunity Act KES Kenyan shilling AoA Articles of Association KNBS Kenyan National Bureau of Statistics CBK Central Bank of Kenya KLDC Kenya Leather Development Council CBR: Central Bank Rate KRA Kenya Revenue Authority CFTA Continental Free Trade Agreement LCB Land Control Board CMA Capital Markets Authority LDC Least Developed Country CoI Certificate of Incorporation MFN Most favoured nation COMESA Common Market
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