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Govt pledges better business environment for investors

09 October 2014, 08:00

Nairobi - Acting President William Ruto on Wednesday said the government will strive to improve business environment to help attract more investments in the country.

Speaking during the launch of Business Environment Delivery Unit in Nairobi, Ruto said the east African nation has developed a comprehensive program aimed at improving the productivity and global competitiveness of the country's business sector to unlock Kenya's opportunities for growth.

"This way, we will attract investments, enable businesses to expand, thereby increasing wealth and employment opportunities," he said.

Ruto said the government has constituted a diverse Business Environment Delivery Unit which is charged with clear terms of reference with the mandate of reigniting the drive to transform our country's business environment.

"I have noted the Unit's Action Plan for this transformative effort, and its specific indications of initiatives, which entail consultation, and cooperation of various stakeholders," Ruto said.

He said the Jubilee Administration had committed itself to transform Kenya into Africa's premier manufacturing and technology hub as well as the gateway to Africa.

"We promised to make Kenya this continent's first port of call for foreign investors and the home of a thriving pool of local entrepreneurs," he added.

Ruto said the government recognizes the need to attract more investments and take maximum advantage of the expanding demand in the region for manufactured goods.

"Very deliberately, we resolved to tie this critical endeavor to the objectives of Vision 2030. Our intention was, and remains transforming Kenya into an upper middle-income economy driven by manufacturing and industrialization," he added.

The acting president noted that the cost of energy was one of the major components that contribute to economic growth, adding that the government has also come up with an initiative to inject over 5,000 MW of additional power into the national grid within four years.

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"This is expected to reduce the cost of electricity in Kenya by 30 percent by the end of this year. In turn, this reduction will translate to lower costs of production thereby bringing down the cost of living," he said.

He noted that bringing down the cost of energy will give the industries an opportunity to produce goods cheaply, and thereby attracting more people to purchase.

He said the Kenya Power was using new technology in laying out its infrastructure, which has made work easier, quicker and cheaper.

The acting president said the government has also put in place security measures to ensure the safety of investors and Kenyans.

 - Xinhua

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