Kenya launches investment policy to boost foreign direct investment

Source: Xinhua| 2019-11-06 19:41:52|Editor: Shi Yinglun
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NAIROBI, Nov. 6 (Xinhua) -- Kenya on Wednesday launched an investment policy in order to boost foreign direct investment (FDI) in the country.

Peter Munya, Cabinet Secretary in the Ministry of Industry, Trade and Cooperatives said that the Kenya Investment Policy seeks to anchor the role of the private sector investment in economic development. "The ultimate objective is to position Kenya as a premier investment destination as well as a global leader in investment attraction and retention," Munya said.

He said the policy is guided by seven core principles that emphasize the need for openness and transparency, inclusivity, sustainable development, economic diversification, domestic empowerment, global integration and investor centeredness.

Munya said that Kenya has been lacking a well-articulated framework to grant and monitor existing incentives in line with the country's development goals and desired culture. "It will be the first time that Kenya has developed a national investment policy to optimize investment promotion, facilitation and management," Munya said.

He said that Kenya has already formulated various strategies and policies that focus on investment growth and support, stipulated in various policy documents like the national development blueprint Vision 2030, but these programs and initiatives have had suboptimal impact.

Kenya Investment Authority said the new policy will provide a roadmap for the country to increase its level of public and private investment to at least 32 percent of gross domestic product (GDP) by the year 2030.