, NAIROBI, Kenya, Aug 11 – The Kenya Investment Authority (KenInvest) is working on a National Investment Policy that will deal with any gaps or challenges that hinder growth of private investments in the country.
KenInvest Managing Director Moses Ikiara says the new policy whose draft will be out by December, will streamline investments in the country as well as create a seamless coordination between the National Government and County Governments.
The policy which will be operational by 2016 seeks to address county levies that seem to be adding more roadblocks to investments.
The policy will also seek to revisit incentives given to both local and foreign investors to see if they bring any benefit to the country.
“This policy is an opportunity for the country to reflect on investment issues. Where do we want to go as far as investments are concerned; how do we get there and which institutions should you use to get there,” he added.
Minimum capital for foreign investors that currently stands at $100,000 will also be revised in a bid to hinder foreign investors who come into the country to do small business that Kenyans can offer.
“The policy will also bring the issue of local content, to see if we as country should have a protected list of investment opportunities that can just be set aside for Kenyans,” he added.
He says the authority is working with all government agencies to see that if the issues raised are enough to revamp investing in the country.
The move is intended to increase private investments in the country so as to increase investment to Gross Domestic Product (GDP) ratio to 32 percent from the current 24 percent.