Kenya to host international investment conference
21 September 2015, 21:41
Nairobi - Kenya is planning to host an
international investment conference from Nov. 22 to 25 to attract
investors for projects, including expansion of airports, railway,
tourism, roads, dams and energy projects.
Kenya Investment Authority Managing Director Moses Ikiara said
the investment summit would present investors with "business
unusual plans" in wind energy, solar power, nuclear power plants
and long-term projects in the oil, gas and geothermal sectors.
"We would like investors to take opportunities in these projects
because Kenya is a growing economy with the Gross Domestic Product
(GDP) currently at 58 billion U.S. dollars and growing at 6.5
percent," Ikiara said in Nairobi during a weekend investment forum
attended by Kenyan and Norwegian investors.
Kenya is targeting investors to take opportunities in the
development of tourism facilities along its 500km-long Indian Ocean
coastline, which has the potential to attract more visitors because
of the existing cultural diversity and a thriving business.
Ikiara said the taxation environment, with corporate tax at 30
percent for resident companies and value added tax of 16 percent,
the country has a favourable investment scene for international
firms to operate locally.
The largest project to be unveiled during the conference include
the re-construction of existing railway stations to include
business parks for light manufacturing, hotels and shopping arcades
at a cost of 2.15 billion dollars.
Other projects include the construction of additional berths at
the Lamu Port, and construction of 140 megawatt geothermal power
generation at OlKaria in Naivasha, 100 km outside Nairobi, at a
cost of 554 million dollars.
The World Bank projects the economic growth and new foreign
investments would fire the Kenyan economy to a higher GDP rate to
reach 69.9 billion dollars this year.
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