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Kenya said Wednesday it has commenced rolling out tax incentives for foreign investors who set up establishments worth more than 65.5 million U.S. dollars.

Abubakar Hassan, the principal secretary in the Ministry of Investments, Trade and Industry, told a trade forum in Nairobi, the capital of Kenya, that the customized incentives will apply to companies undertaking manufacturing activities in the country.

“We are rolling out performance-based tax incentives to expand our industrial base,” Hassan said during the Diamond Trust Bank economic and sustainability forum.

He noted that firms that qualify for the fiscal tax regime will enjoy reduced tax rates on excise, import duty as well as value-added taxes subject to the approval by the National Treasury.

Hassan added that the investors will also be exempt from paying taxes on services imported or purchased locally.