Kenya Investment Authority (KenInvest) is implementing measures to facilitate investment in new and existing projects by enacting a bill that benefits both counties and investors.
The Authority held a public participation forum in Eldoret, Uasin Gishu, to gather public views on the draft Kenya Investment Promotion and Facilitation Bill 2023, which seeks to simplify administrative procedures, enhance transparency and reduce bureaucratic hurdles.
Speaking during the forum, KenInvest’s Chief Executive Officer (CEO) June Chepkemei indicated that the authority has an Investment Facilitation Framework, a document of the National Investment Council that guides investors.
She alluded that the Investment Promotion Act 2004 does not favour the current investment landscape as investors are looking for different opportunities, hence the need for the review of the existing act through the draft investment promotion and facilitation bill.
‘The Kenya Investment Policy needs to be aligned with the constitution to remain
responsive to the evolving investment landscape, as the Investment Promotion Act of 2004 is outdated,’ she noted, hence, the bill proposes the establishment of a digital one-start-one-go for investment facilitation.
In his remarks, Governor Jonathan Chelilim, pointed out that local and foreign investments are key to enabling the country to improve the quality of life of its citizens in line with Kenya’s Vision 2030 development blueprint.
Chelilim emphasized the importance of establishing robust regulatory frameworks for investments to guarantee a sustainable and favorable business environment for investors.
‘Kenya’s vision of 2030 envisions a globally competitive country with a high quality of life for its citizens. That is why it is important to improve the legal and regulatory framework as North Rift Economic Block (NOREB) with significant market potential,’ he said.
The county is a thriving economic block with reliable infrastructure, automated services, and partnerships that equip businesses with the
necessary skills for success.
Thus, Stakeholders are urged to support the review of the bill, citing the county’s collaborations with the National Government to develop Export Processing Zones (EPZs), CAIPs, special economic zones, and model markets.
Uasin County Executive for Trade, Industrialization, Tourism, Cooperative, and Enterprise Development, Martha Cheruto, said the bill had taken into consideration more recognition of the county roles.
The bill should include investor categorization, decentralization of power, planning documentation, and tribunals to address challenges faced by investors in counties.
‘By avoiding duplicate roles, we can create a more effective environment for investors. We look forward to the enactment of this draft bill which will ensure a coordinated approach to investment promotion and facilitation,’ she said.
On his part, Kenya National Chamber of Commerce and Industry (KNCCI) Uasin Gishu Chapter Chairman, Willy Kenei affirmed the chamber’s support to the enactment of the
bill to attract more investors into the county.
He advocated for KNCCI’s representation in the KenInvest board to involve the private sector in the authority’s decisions.
North Rift Economic Block (NOREB) CEO Dr. Godfrey Chesang, alluded that currently, Kenya lives in a competitive environment where countries are gauged on how efficient they are as an economy.
The bill should incorporate economic blocks for devolution and promote a consultative and collaborative approach with investors, as suggested by the speaker.
‘There are structures within the county that specifically focus on investment, industrialization, and trade we support Ken Invest as we promote the value chains across the counties,’ noted Dr. Chesang
Source: Kenya News Agency