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Kenya to host int'l investment conference

28 October 2014, 08:00

Nairobi - Kenya will host an international investment conference in November with the aim of encouraging more global investors to take up business opportunities in the country, officials said on Monday.

Ministry of East African Affairs, Commerce and Tourism Cabinet Secretary Phyllis Kandie told a media briefing in Nairobi that the Nov. 19-20 conference is expected to bring together over 1,000 local, regional and international business leaders and investors.

"We want to mobilize investment to help to drive economic growth and create jobs to improve the living standards of all citizens," Kandie said.

She said the event will be a platform to showcase Kenya's investment opportunities.

"It will facilitate international, regional and national investors to discuss and exchange ideas that will lead to increased private investments in the country," Kandie said.

She noted that Kenya is working towards creating a business environment which domestic and foreign investors can find conducive.

Also read: Fishermen attack investor over disputed land

According to the CS, achievement of the double digit annual growth rate targeted by the national economic blue print Vision 2030 requires investment as a ratio of Gross Domestic Product to reach at least 32 percent.

She said Kenya has initiated reforms across all sectors to encourage private sector participation through private public partnerships.

Ministry of East African Affairs, Commerce and Tourism Principal Secretary Ibrahim Mohammed said Kenya is constantly negotiating new trade agreements with other nations and regional blocs in order to secure greater market access.

Mohammed said Foreign Direct Investment grew by 100 percent in 2013 to reach 514 million U.S. dollars.

He said that as the international community becomes increasingly interested in Africa, Kenya will position itself at the center of this global interest.

According to Mohammed, Kenya's economy, in addition to being dominant in the east African region, is recognized as the financial, logistics and Information Communication Technology (ICT) hub in Africa.

Kenya Investment Authority Chairperson Anne Kirima- Muchoki said in order to encourage more investors to come to Kenya, there is need to showcase investment opportunities as well as provide information to investors on the new and existing sectors of the economy.

Kenya National Chamber of Commerce and Industry National Chairman Kiprono Kittony said that the conference will be pivotal in the country's endeavors to extend investment opportunities in the region and continent, noting that huge opportunities exist in the infrastructure projects, ICT, manufacturing value addition and tourism.

 - Xinhua

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