Kenya to set up committee to seek more investments
01 November 2013, 09:16
Nairobi - The Cabinet resolved Thursday to set up a committee charged with marketing Kenya as a destination for investments and tourism.
The Cabinet which met in Nairobi approved the setting up of a Cabinet Committee under the chairmanship of President Uhuru Kenyatta to develop measures that will ensure Kenya becomes a competitive destination for investments and tourism.
"In the interim, the Cabinet Secretary for the National Treasury and the Attorney General (AG) were directed to ensure immediate steps are taken to remove hurdles on business registration, licensing that hinder business commencement," the statement said.
The Treasury and the AG were also directed to ensure that new businesses should take the shortest time possible including those in the Exports Processing Zones (EPZs).
Kenyatta said early this year that the country attracted 1 billion U.S. dollars in new investments despite the challenges the country has faced in the recent past.
Kenyatta said the value of investments in the first quarter signals renewed optimism over growth as it shows that the economy was recovering from the uncertainties associated with the March 4 polls.
"In the last quarter of this year we have attracted close to one billion dollars in new investments despite the challenges that we have faced," Kenyatta said in July.
Kenya Investment Authority (KenInvest) said in June the East African nation has attracted 14 investments projects with a capital outlay of 355.2 million dollars in the month of May, an increase of 57 percent in the capital outlay compared to the previous month of April.
KenInvest said that out of the investments commitment for the month of May, foreign contribution was 91.2 million dollars and local contribution of 264 million dollars.
The proposed investments will create employment to 923 Kenyans and 57 foreigners.
During the meeting, the Cabinet also approved the Public Private Partnership (PPP) Act, 2013 that paves the way for participation of the Private Sector in infrastructure development.
Consequently, the Cabinet approved a total of 47 projects for development under the PPP program comprising Development Bridge, highways, housing, modernization of airport, water and housing units.
The Cabinet also passed Fisheries Management Bill which seeks to streamline the fisheries sector to ensure Kenya fully benefits from the fisheries resource from both the inland waters and the vast resources in the Indian Ocean.