NAIROBI, Nov. 17 (Xinhua) -- Kenya's ministry of energy and petroleum will hold a two-day forum in Nairobi later this month to discuss investment opportunities in the energy sector across the East African region, organizers said on Friday.
The Nov. 29-30 meeting organized by Future Energy East Africa Conference and Exhibition will be attended by policymakers, investors and industry executives to discuss emerging opportunities in the region's blossoming energy sector.
"Leading energy experts and industry suppliers who are excited about the region's potential and opportunities in the sector will attend the Future Energy East Africa summit," the organization said.
"The meeting will give stakeholders an opportunity to benchmark their operations and network with suppliers who are looking to gain access to projects across the region," it added.
The East African region has huge energy potential that can be tapped to propel industrial progress.
Delegates attending the upcoming energy summit in Nairobi will explore investments in oil, gas and renewable energy sectors that are key to unlocking economic transformation in the region.
"Energy access related start-ups have been among the most prominent of the start-up scene in East Africa. Kenya in particular is a commendable player in the African innovation and entrepreneurship scene," said Paras Patel, the investment manager at Energy Access Ventures, an investment firm.
He noted that foreign direct investments in the regional energy sector have increased thanks to a conducive policy environment and improved macro-economic stability.
Foreign companies that are prospecting for investment opportunities in the oil, gas and power generation sectors across East Africa have confirmed participation at the upcoming Nairobi energy summit.
Executives noted that investments totaling 93 billion U.S. dollars are required annually to address energy deficit in the region.
"Both generation and distribution of energy in East Africa are markets to watch closely over the near future. Access to energy certainly represents a major opportunity in the region," said Riccardo Ridolfi, head of business development at Absolute Energy Capital, an investment advisory firm.