Kibaki proposes Bills to attract investment

By Macharia Kamau

President Kibaki wants the law reviewed to eradicate bureaucracy.

He said some rules and regulations have reduced competitiveness of the country as an investment destination.

Kibaki said the Government would also introduce several Bills in Parliament to enhance the business environment.

He also urged politicians to tone down bickering, which has discouraged investors.

Kenya was ranked 95 of 183 countries in the World Bank’s Doing Business 2010 report.

Analysts have blamed Government bureaucracies and multiple licences required to set up business as some factors discouraging investment.

"We must provide an enabling legal environment to make Kenya more competitive for business and investment. The Government will table several business-friendly Bills in this Session," Kibaki told Parliament yesterday during the State Opening.

Among the laws slated for revision include the Companies Act and the Bankruptcy Act. The process of demutualization of the Nairobi Stock Exchange will also get a major boost with an expected NSE Act.