The Government investment agency is set for a major revamp with areas of concern being review of existing policies and seeking partnerships.
With the changes, Cabinet Secretary Ministry of Industrialization, Trade, and Enterprise Development Rebecca Miano said Kenya Investment Authority (KenInvest) will help the country attract foreign direct investments worth 1.52 trillion.
“To unlock Foreign Direct Investment (FDI) and position Kenya as a competitive investment destination, the National Investment Council through its Secretariat, Kenya Investment Authority has developed an Investment Facilitation Framework to create a Transparent, Predictable, Efficient, and Trusted Mechanism”, said Miano who was speaking during an investment meeting in Nairobi.
The meeting saw The United Nations Development Programme, World Bank and (KenInvest) partner to develop and implement an Investment Facilitation Framework and Foreign Direct Investment (FDI) Attraction Strategy.
CS Miano lauded the partnership saying it will make it easier for investors to invest, conduct their business, and expand their operations in Kenya.
Through the partnership, Kenya will streamline procedures related to domestic and foreign investor attraction.
The partnership will also help the government will leverage UNDP’s global network to implement the framework as well as work with them as a project manager, to support key priority areas.
At the same time Miano said the ministry is looking to review the legal framework to support investments.
“We are keen to review some of the laws and policies that have been overtaken by the changing times to make it easier for investors both foreign and domestic to tap the various business opportunities that we have across Kenya, for both the benefit of our economy and the interest of investors,” Miano said.
Some of the legislations on investment promotion were enacted in 2004 and need to be aligned with the 2010 Constitution, she noted, that established the devolved system of governance and did away with local authorities.
“We have kicked off the review of the Investment Promotion Act 2004 to align with the Constitution and to make it responsive to the dynamic nature of the globe, as well as the domestic investment environment that continues to present new challenges”, Miano added.
Kenya Investment Authority CEO June Chepkemei indicated that the partnership will be supported by a robust strategic plan under development.
“We have made progress with regard to our strategy development covering our next growth cycle of 2023/24 – 2027/28,”Chepkemei said.
According to KenInvest, the Investment Facilitation Framework will be a great enabler for sustainable development, by facilitating the attraction and retention of FDIs.