Kenya Investment Authority (KenInvest) has announced a partnership with the United Nations Development Programme (UNDP) and World Bank. This is in a bid to develop and implement an Investment Facilitation Framework and Foreign Direct Investment (FDI) Attraction Strategy.
The framework is aimed at creating a transparent, predictable, efficient and trusted mechanism for effective investment facilitation.
Through the partnership the Government will leverage on 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 that including: Legislative and regulatory reforms to remove barriers to investment attraction; Investment Facilitation Framework, including design and operationalization of an Investor Facilitation Platform; and Institutional capacity development including organization review and development of a strategy to strengthen Kenya Investment Authority.
Some of the legislations on investment promotion were enacted in 2004 and need to be aligned with the Constitution of 2010 that established the devolved system of governance and did away with local authorities.
On her part June Chepkemei, Chief Executive Officer, Kenya Investment Authority indicated that the partnership will be supported by a robust strategic plan under development.
Hon. Rebecca Miano, MBS the Cabinet Secretary for the Ministry of Investments, Trade and Industry (MITI), said, “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, Hon. Rebecca Miano, CS, MITI.
“We have made progress with regard to our strategy development covering our next growth cycle of 2023/24 – 2027/28. This strategic plan, prepared under the theme of “Spearheading Equitable Investment-Led Economic Transformation” ties in closely with our current focus areas as a government, and has been developed under four main pillars, namely, Targeted Investment Promotion, Harmonization of Investment Facilitation, Research & Policy Advocacy and Building of an Exemplary Investment Promotion Agency” said June Chepkemei, CEO, KenInvest.
The Investment Facilitation Framework will be a great enabler for sustainable development by facilitating attraction and retention of Foreign Direct Investments (FDI); enhancing the quality of FDI in the light of national strategies; growing Domestic Direct Investments (DDI); and enhancing international cooperation.