KenInvest crafts policy to attract foreign investment

The government has put together a draft policy that seeks to position Kenya as an ideal investment destination.

The policy document seeks to clearly state the government’s responsibility and expectation on the objectives set to build the growth of foreign and domestic investments.

Kenya Investment Authority (KenInvest) Managing Director Dr Moses Ikiara said the policy would look at the minimal capital required for foreign investors, issues on local content, community investments, international agreements and protocols, green environments, and also the accessibility of land.

With private investments playing a key role in the facilitation of economic growth within the country, the government has been stepping up efforts to promote this by putting in place policy measures that encourage foreign investment and expansion of domestic investment.

“The Kenya investment policy will streamline investments in the country as well as create a seamless coordination between the National Government and County Governments,” Dr Ikiara said.

KenInvest said creating an enabling environment would help position Kenya as an ideal investment hub.

Now Kenya will be able to increase and secure its private investors and in turn generate an even higher economic growth by making use of the right coordinated mechanism and more effective policy formulation.

Dr Ikiara said Kenya has in the past missed out on foreign investment opportunities due to not being able to grant concessions for its investors.

Report by Brenda Nyamichaba