NAIROBI, Kenya Nov 2 – Ministry of Trade, Investments and Industry in conjunction with the National Treasury have announced plans to introduce the Business Laws (Amendment) Bill, 2024, following public consultations aimed at improving regulations governing manufacturers, investors, and consumer protection.
The proposed bill aims to bolster compliance with Kenya Standards, eliminate substandard goods, and promote sustainable business practices.
Key initiatives include attracting private investments, rationalizing manufacturing incentives, and enhancing the export sector’s performance.
The bill also focuses on harmonizing taxes within the manufacturing industry to ensure a stable business environment.
“Similarly, the Bill seeks to provide for the Central Bank to regulate all credit guarantee businesses, including registration and licensing,”read a notice signed by Treasury Cabinet Secretary John Mbadi and his Trade counterpart Salim Mvurya.
“It will also set out the powers of the Central Bank regarding regulation of credit guarantee businesses.”
Proposed amendments to various laws include establishing a framework for registering foreign investments, enhancing traceability of products, and appointing inspection bodies to ensure compliance with safety standards.
Additionally, the bill seeks to strengthen the accreditation process for foreign conformity assessment bodies and amend the Anti-Counterfeit Act to expedite the handling of counterfeit goods.
The bill will also address occupational safety in remote work environments and promote local manufacturing by mandating that a percentage of public procurement be sourced from local providers.
The introduction of this bill is part of a broader strategy to stimulate economic growth, improve trade dynamics, and enhance the overall business climate in Kenya.
Parliament is expected to deliberate on the bill upon its submission in the days ahead.
