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Through the proposed Investment Promotion and Facilitation Bill, the Kenya Investment Authority (KenInvest) aspires to establish a digital one-start-one go for investment facilitation which will provide a streamlined and efficient process for obtaining licenses necessary to the proposed investment, permits, and approvals.
The vision behind this new bill is to cater to the investors’ best interests whilst balancing the benefits to both the public and the state. With the ambition to attract high-quality investments into the country, this bill seeks to attain economic growth through capital attraction, skills, and technology transfer as well as employment creation. According to the draft bill, it will streamline the coordination of investment-related matters in the country by simplifying administrative procedures, reducing bureaucratic hurdles, and enhancing transparency. It will also introduce comprehensive investment incentives for investors in key sectors.
Speaking during a public participation process of the bill, KenInvest Acting Managing Director June Chepkemei said the bill will significantly align fragmented investment policies, paving the way for both local and foreign investors. KenInvest wants to tailor its legislations to emerging changes, standardize the legal and regulatory environment for investment as well as align them to the constitution, she further said.
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The bill if sails through is expected to support the country’s employment programmes, promote the acquisition of new skills and technology, contribute to tax revenues, and help enhance technology transfer. Additionally, the bill will help increase foreign exchange earnings through exports or import substitution, utilize domestic raw materials, and encourage value addition agriculture.
