NAIROBI, Kenya, Nov 17 – The United Nations Development Programme (UNDP), the World Bank, and the Kenya Investment Authority (KenInvest) have today announced a new partnership to develop and implement an investment facilitation framework and a foreign direct investment (FDI) attraction strategy.
The framework is aimed at creating a transparent, predictable, efficient, and trusted mechanism for effective investment facilitation.
Ministry of Investments, Trade, and Industry (MITI) Cabinet Secretary (CS) Rebecca Miano welcomes the partnership, arguing that it will make it easier for investors to invest, conduct their business, and expand their operations in Kenya.
She further added that through the partnership, Kenya will streamline procedures related to domestic and foreign investor attraction and also improve coordination and cooperation among actors in the investment cycle.
The Minister lauded the role played by the National Investment Council (NIC) in conceptualizing the Investment Facilitation Framework.
“We have set a target as a Country to attract Foreign Direct Investment (FDI) to a tune of USD 10Bn. 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 with a view to creating a Transparent, Predictable, Efficient and Trusted Mechanism”, said Miano.
Through the partnership, the government will leverage the UNDP’s global network to implement the framework as well as work with them as a project manager to support the key priority areas, including legislative and regulatory reforms to remove barriers to investment attraction and the Investment Facilitation Framework, among others.
“We shall support the Government through the Kenya Investment Authority to provide practical measures aimed at improving transparency and predictability on the investment climate in Kenya,” said Elizabeth Elizabeth Kibaki-Obiero, Senior Private Sector Development Specialist, World Bank.
The Cabinet Secretary further added that the Ministry is looking to review the legal framework to anchor the organization.
“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 interests of the investors,” Miano said.
Some of the legislation on investment promotion was enacted in 2004 and needs to be aligned with the Constitution of 2010, which established a devolved system of governance and did away with local authorities.
