The United Nations Development Programme (UNDP), World Bank and Kenya Investment Authority (KenInvest) have today announced a new partnership to develop and implement an Investment Facilitation Framework and Foreign Direct Investment (FDI) Attraction Strategy. The framework aims to create a transparent, predictable, efficient and trusted mechanism for effective investment facilitation.
Speaking during the launch of the partnership in Nairobi, Hon. Rebecca Miano, MBS the Cabinet Secretary for the Ministry of Investments, Trade and Industry (MITI), lauded the cooperation, arguing that it will make it easier for investors to invest, conduct their business and expand their operations in Kenya.
She added that through the partnership, Kenya will streamline procedures related to domestic and foreign investor attraction and improve coordination and cooperation among actors in the investment cycle.
The Minister lauded the role played by the National Investment Council (NIC), a body mandated to provide an overarching coordination mechanism to support investment growth in Kenya and work tirelessly with the Secretariat to conceptualize the Investment Facilitation Framework.
“We have set a target as a Country to attract Foreign Direct Investment (FDI) to the tune of USD 10Bn. To unlock Foreign Direct Investment (FDI) and position Kenya as a competitive investment destination, the National Investment Council, through its Secretariat, Kenya Investment Authority, has developed an Investment Facilitation Framework intending to create a Transparent, Predictable, Efficient and Trusted Mechanism”,
said, Hon. Rebecca Miano, CS, MITI.
Through the partnership, the Government will leverage the UNDP’s global network to implement the framework as well as work with them as a project manager to support the key priority areas, including Legislative and regulatory reforms to remove barriers to investment attraction, Investment Facilitation Framework, including design and operationalization of an Investor Facilitation Platform; and Institutional capacity development including organization review and development of a strategy to strengthen Kenya Investment Authority.
Speaking during the meeting, Mr. Anthony Ngororano, UNDP Resident Representative,
‘As a key partner in Kenya’s development journey, we are gearing up for a collaboration with KenInvest. Together, we aim to remove barriers to investment and strengthen the investment facilitation journey.”
“We shall support the Government through the Kenya Investment Authority to provide practical measures aimed at improving transparency and predictability on the investment climate in Kenya, “
said Ms. Elizabeth Elizabeth Kibaki-Obiero, Senior Private Sector Development Specialist at the World Bank.
The Cabinet Secretary added that the Ministry is reviewing the legal framework to anchor the organization.
“We are keen to review some of the laws and policies that have been overtaken by the changing times to make it easier for investors, both foreign and domestic to tap the various business opportunities that we have across Kenya for both the benefit of our economy and the interests of the investors,”
Some of the legislation on investment promotion was enacted in 2004 and needed to be aligned with the Constitution of 2010 that established the devolved system of governance and did away with local authorities.
“We have kicked off the review of the Investment Promotion Act 2004 to align with the Constitution and to make it responsive to the dynamic nature of the globe as well as the domestic investment environment that continues to present new challenges”,
On her part, June Chepkemei, Chief Executive Officer of Kenya Investment Authority, indicated that a robust strategic plan under development will support the partnership.
“We have made progress in our strategy development covering our next growth cycle of 2023/24 – 2027/28. This strategic plan prepared under the theme of “Spearheading Equitable Investment-Led Economic Transformation”,
“Ties in closely with our current focus areas as a government and has been developed under four main pillars, namely, Targeted Investment Promotion, Harmonization of Investment Facilitation, Research and policy Advocacy and Building of an Exemplary Investment Promotion Agency,”
said June Chepkemei, CEO, KenInvest.
The Investment Facilitation Framework will be an excellent enabler for sustainable development by facilitating the attraction and retention of Foreign Direct Investments (FDI), enhancing the quality of FDI in the light of national strategies, growing Domestic Direct Investments (DDI), and strengthening international cooperation.