President to lead hunt for investors
SEE ALSO :When the city comes to your doorstepThe new plan also hopes to raise Kenya’s position in the ease of doing business index. It will see the setting up of the National Investment Council (NIC) chaired by the President who will appoint its 10 members. Kenya Investment Authority, being the national investment promotion agency, will serve as the secretariat of the council and run its day-to-day activities. NIC will champion a "sound investment climate", including addressing “high-impact and unique investor requests.” It will also formulate a negative list of activities where foreign investments will be restricted so as to protect local investors in “sensitive areas”, with the list to be published every three years.
SEE ALSO :Move investment in hotels out of NairobiNIC will also monitor Kenya’s economic development and identify non-beneficial areas and help in resolving investment-related disputes at the highest level. "To ensure investment proposals are consistent with Kenya’s national interest, the government may review major foreign and domestic investment proposals on a case-by-case basis through the National Investment Council," says the policy. However, Parliament may grant exemptions from this policy for investors wanting to make significant investments in “priority sectors”. Trade Cabinet Secretary Peter Munya welcomed the policy document, saying it was long overdue.
Do not miss out on the latest news. Join the Standard Digital Telegram channel HERE.