- The Homa Bay government has secured a big boost in its bid to woo local and international investors to invest in excess of Sh30 billion in the county to unlock its economic potential.
- The development comes after the United States (US) and the European Union (EU) – a bloc of 27 nations – pledged to persuade potential international investors to invest and unlock the county’s economic potential.
Image: HANDOUT
Homa Bay seems to have pressed all the right buttons in quest to persuade investors to plough Sh30 billion in the county.
The plans to win over investments got off to a great start after the United States and the European Union pledged to put in a word to potential investors on behalf of the county.
“We will do everything we can to persuade investors to come to Homa Bay,” US ambassador Meg Whitman said.
Whitman was part of a group of envoys at a meeting of development partners with Governor Gladys Wanga, Council of Governors’ chairperson Anne Waiguru and Trade CS Rebecca Miano.
British High commissioner Neil Wigan as well as envoys from Australia, Netherlands, China, Italy, Cypress, Japan and heads of private companies also attended the meeting at Kempinski Hotel, Nairobi, on Thursday.
The meeting came ahead of the second Homa Bay International Investment Conference set for February 25-27.
President William Ruto is expected to launch the conference themed “Unlocking the Bay of Endless potential.”
Whitman said the embassy will mobilise and persuade US investors to not only attend the conference to see for the themselves the immense opportunity, but also convince them to invest.
“I have become the governor’s chief marketing officer. We will certainly do what we can to get investors see Homa Bay because seeing is believing,” the ambassador said.
Wigan said they will persuade potential investors to exploit the immense business opportunities in Homa Bay.
While welcoming investors to the planned conference, Governor Wanga said the county is pursuing investors to inject in excess of Sh30 billion to unlock and spur the county’s economy.
Wanga marketed the county as a strategically places devolved unit, accessible by water, road and air and endowed with immense natural resources including the precious Lake Victoria.
She said the county has a vibrant and stable economy, skilled and dynamic workforce, accessible with plenty of land to put factories.
“Homa Bay borders six counties with a general population of 7.6 million. A regional logistics centre with access to East and Central Africa with well-developed transport infrastructure,” she said.
The county chief called for investors in particular to invest in cotton production, fish processing plants, edible oil production and infrastructure.
The governor also asked investors to put their money in production of sweet potatoes and pineapples that do well in the area and have huge returns.
Wanga said the county is seeking investors to put Sh457 million in cotton production, Sh16.1 billion in fish processing plant, Sh4.43 billion in production of edible oil and Sh5.15 billion in infrastructure development at Riwa Special Economic Zone.
The governor also wants investors to put some Sh60.53 million in the expansion of mother and child specialist hospital, promising an annual return of Sh12.17 million.
The county also needs investors to invest some Sh563.5 million in cancer centre and another Sh450 million in tourism and hospitality industry.
“Homa Bay has all an investor may need to invest. We have immense incentives, good infrastructure, land and electricity,” Wanga said.
CS Miano said the conference will showcase the investment potential and opportunities available in the county and the lake region.
“The investment opportunities in Homa Bay and the key value chains are as diverse as they are attractive,” the CS said.
Miano cited the Riwa Special Economic Zone and County Aggregation and Industrial Park.
This is a 532 acres land set to house agro-processing, manufacturing and industrialisation activities.
“This is the only SEZ in the Western and lake region. It comes with attractive tax incentives,” she said.
The CS added that Homa Bay’s lakefront is an investment giant awaiting full awakening. Already, she said, KPA and Shipyards is developing the Homa Bay, Kendu Bay and Mbita Piers as well as the Lake Victoria Ferry, to facilitate water transport.
“In Homa Bay, the key value chains are cotton, fish, livestock, pineapples, sweet potatoes and edible oil particularly from palm, sunflower and nuts. My ministry will work closely with you to unlock these value chains,” she said.
Waiguru said the Homa Bay County International Investment Conference will serve as a beacon of progress, not just for the county but for the entire nation.
It will provide a platform for collaboration between different levels of government, the private sector, and key stakeholders.
“By convening experts and leaders in various sectors, we create a fertile ground for ideas, innovations, and partnerships that will drive economic development,” she said.