In a groundbreaking development, Homa Bay County in Kenya has been designated as the site for the first-ever Special Economic Zone (SEZ) in the Western region, promising a new era of economic prosperity and growth.
The 532-acre SEZ, located in Riwa, West Karachuonyo, has been granted official status by Rebecca Miano, the Cabinet Secretary for Investments, Trade, and Industry. This significant milestone marks a pivotal moment for the region, as it opens up unprecedented opportunities for businesses to thrive and expand.
Under the SEZ framework, businesses in Homa Bay will benefit from a range of incentives, including lower taxes and streamlined administrative processes. Notably, firms operating within the SEZ will be exempt from registering for value-added tax (VAT), and the supply of goods or taxable services to them will be subject to zero VAT, as highlighted by PricewaterhouseCoopers.
Rebecca Miano expressed her enthusiasm, stating, “We are proud to introduce the Riwa Special Economic Zone, the first of its kind in the Western and Lake Region. This initiative presents compelling tax incentives and value propositions, positioning Homa Bay as a hub for innovation and economic advancement.”
The establishment of the SEZ in Homa Bay County is poised to catalyze job creation, drive industrial growth, and enhance the overall competitiveness of the region’s economy. With its potential to attract both local and foreign investment, the SEZ promises to elevate Homa Bay onto the global stage as a vibrant business destination, embodying the spirit of economic progress for Kenya’s Western region.
