Kisumu County has secured land that will enable the development of a Special Economic Zone (SEZ) in Miwani. The land, which spans across 10,000 acres, will aid in purging the industrial development of the region, in line with the government’s Big Four Agenda.
However, According to Governor Anyang Nyong’o, the land will require intensive investment in drainage due to its flat terrain.
The Standard reports that additionally, the county has partnered with the World Bank and the International Finance Corporation (IFC) to help effect the SEZ. IFC will, therefore, vouch for a detailed feasibility assessment and market trend and demand analysis for the site.
In Kenya, a Special Economic Zone (SEZ) is a designated geographical area where business-enabling policies are implemented and sector-appropriate on-site and off-site infrastructure and utilities are provided for by the Kenyan Government. These policies include reduced corporate taxes, customs and excise duty exemptions, VAT benefits, profit and capital repatriation at reduced rates, as well as enhanced intellectual property rights.
The SEZs were to be established in Naivasha, Mombasa (including Dongo Kundu Free Port), Lamu and Kisumu. Tatu City, which is currently underscoring impressive development, was also conferred the SEZ status.
The specific objectives of a special economic zone are:
- Attraction of both local and foreign investments;
- Expansion and diversification of produce of goods and services for domestic and export Markets;
- Promotion of value addition;
- Promotion of local entrepreneurship through SMEs;
- Enhance technology development and innovation; and
- Promotion of rural and regional industrialization by exploiting comparative advantages of local resources.
See Also:
