NAIROBI, September 4 – The government has announced that it is in the process of developing an Investment Policy, with guidelines on how the country could attract, promote and retain sustainable investment.
The Kenya Investment Authority Managing Director Susan Kikwai said Thursday that it had already developed a draft policy on human resource development, infrastructure and ICT that are needed to propel the country as an ideal investment destination.
Investments in Kenya are currently guided by several development and sessional papers.
The Authority is the marketing arm of all government ministries. Its role is to advocate for policies that are conducive for improving the investment environment.
Kikwai said a National Investment Council would be launched in December and charged with advising the government and its agencies on ways to increase investment and economic growth in the country.
“It will also be expected to promote cooperation between the public and private sectors in the formulation and implementation of the government policies relating to the economy and investment,” the official added.
The Authority, she disclosed was also working to introduce a ‘One-Stop Shop’ concept where investors would obtain all necessary approvals, licences, certificates and permits all ‘under one roof’.
This, she added would also help to reduce the bureaucratic red tape while ensuring speedy approval and licensing of new investment.
Towards this end, the MD said the Investment Authority, which was formally known as the Investment Promotion Council would soon launch its Corporate Communication Strategy.
She further revealed that they would lay off about 14 employees in a bid to enhance efficiency in attracting and facilitating investments in the country.
The Authority has about 65 staff members.
“We are still in the process of getting permission from the authorities so that we can begin this (restructuring) process,” she added.
Kikwai spoke during a workshop on investment promotion, planning and product development, where she stated that they plan to partner with the six regional development authorities so that they can identify the (investment) opportunities that exist there, market them and thus fast track their development.
She explained that if for example tourism opportunities exist in all the development authorities, the projects would be packaged and marketed at the same time.
At the same time, Kikwai said a team from the private sector was dialoguing with the government to resolve the differences that arose from the increase in costs due to the recently implemented Standardisation Mark.