Tremendous Opportunities for Hellenic Textile Companies to Invest in Kenya
The Honorary Consul of the Republic of Kenya in the Hellenic Republic, Mrs Vicky Pantazopoulou during her visit in Kenya for the preparations of the 2nd Hellenic MultiSector Investment & Trade Mision that will be held from 7th to 8th of July 2014 in Nairobi had a meeting with the Cabinet Secretary of Industrialization and Enterprise Development, Mr. Adan Abdulla Mohamed, where they discussed the opportunities of Hellenic textile companies to invest in the planned Textile City in Kenya.
Mr. Mohamed showed great interest for Hellene business persons from textile industry and extend an open invitation to them to participate in 2nd Investment & Trade Mission in order to be informed and examine the possibility of investing in the City.
The construction of Textile City will be launched in July 2014 and already US-based global fashion houses Calvin Klein, Timberland and Tommy Hilfiger are eyeing space.
Such firms, will be expected to take up investment opportunities relating to cotton ginning and yarn spinning, manufacture of textile fabrics and home fabrics, manufacture of apparel and manufacture of garment accessories, and labels among other ventures.
Already, the country, is providing incentives and benefits under the EPZ program which include; 10-year corporate and withholding tax holidays for zone developers, manufacturing and service enterprises Perpetual Duty, VAT and Stamp Duty Exemptions, Green channel facilitation and aftercare provided for customs, immigration, statutory requirements and utility connections.