Kenya has embarked on a strategic collaboration with the United Nations Development Programme (UNDP) and the World Bank to draw in Foreign Direct Investment (FDI) totaling $10 billion. The partnership aims to establish Kenya as a leading competitive investment hub through a series of legislative reforms and the creation of a transparent investment facilitation framework.
Cabinet Secretary Rebecca Miano, from the Ministry of Trade, Industry, and Investment (MITI), highlighted that these reforms are designed to not only attract quality FDI but also to stimulate growth in domestic Direct Investments (DDI). The strategy involves updating key pieces of legislation, such as the Investment Promotion Act 2004, to reflect the changes in governance since the constitutional amendments of 2010, which introduced a devolved system of government.
The National Investment Council and the Kenya Investment Authority (KenInvest) are at the forefront of this initiative. They are tasked with improving institutional capacity through strategy development and legislative updates. June Chepkemei, CEO of KenInvest, outlined that their strategic planning is centered on pillars like targeted promotion and harmonized facilitation to ensure equitable economic transformation.
UNDP’s representative Anthony Ngororano has committed to supporting Kenya in eliminating investment barriers. This pledge was reinforced by Elizabeth Kibaki-Obiero from the World Bank, who stressed the importance of creating a predictable investment climate. The combined efforts of these organizations are expected to enhance KenInvest’s organizational strength and develop an investor platform that will help in achieving these ambitious goals.
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