Ease investment terms to lure foreign firms, Kenya tells African nations

Kenya on Tuesday urged African governments to set up independent investment portals to enhance interaction with foreigners seeking to launch operations within their countries.

Kenya Investment Authority Managing Director, Dr Moses Ikiara, said its e-regulations platform received 20,600 enquiries from potential investors drawn from 100 countries.

Dr Ikiara told an international conference on Ease of Doing Business Initiative at Safari Park Hotel in Nairobi yesterday that going digital would further deepen interaction with investors leading to meaningful dialogue as compared to a one-stop-shop for all State services.

“Huduma Centre is a great initiative for Kenyans but the outside world as well as local investors need a specific portal to engage knowledgeable advisors on matters investment,” said Dr Ikiara.

Industrialisation Cabinet Secretary Adan Mohamed said Kenya moved fast to ease conditions of doing business as a prerequisite to attracting investments, accelerating economic growth, creating job opportunities and wealth.

“African governments must be ready to work together, with key partners such as the World Bank and International Finance Group, alongside local and international private sector organisations to consolidate gains made on the business reforms made in 2015,” he said.

Mr Mohamed said while economic outlook showed Africa would grow at 5.1 per cent, there is need to translate the impressive growth indicators into tangible gains that impact positively on the living standards for all citizens.