NAIROBI, Kenya Jan 26 – The Ministry of Investment, Trade, and Industry on Friday unveiled the Business Reforms Action Plan Development Committee that will be responsible for improving Kenya’s global market standing.
The committee, led by Cabinet Secretary Rebeccca Miano and the Principal Secretary for Investment Promotion Abubakar Hassan, along with members from the private sector, will also seek to enhance the investment climate, fortifying de-risking measures, and streamlining investment coordination and facilitation.
The initiative further aims to create a more dynamic and investor-friendly environment.
“Coming on the wake of the discontinuation of the World Bank Ease of Doing Business Reforms in 2021, the formation of this committee represents a decisive move by the Kenyan government to tackle and remove obstacles impeding both foreign and domestic direct investments,” Miano said.
Miano stressed the government’s commitment to revitalizing Kenya’s investment landscape, striving for a comprehensive transformation that assures a more welcoming and efficient environment for investors.
“This concerted effort signals a major leap towards not just overcoming the identified challenges of inadequate global positioning, sub-optimal investment climates, and fragmented investment facilitation but also leveraging these reforms to position Kenya as a magnet for investment, both regionally and globally,” Miano said.
Miano outlined measures to address challenges, including establishing a technical multi-agency business reform committee, adopting the World Bank Business Ready Programme, and crafting an actionable business reform plan to enhance Kenya’s global competitiveness.
While highlighting Kenya’s achievements as a premier investment destination in Africa, Miano acknowledged its recognition as the 29th fastest-growing economy globally and a leader in startup funding and investment momentum on the continent.
Despite these successes, she emphasized the importance of ongoing efforts to refine the business environment based on feedback from investors and stakeholders.
Miano identified key focus areas, including reducing compliance and regulatory burdens, implementing tax reforms, and streamlining processes to create a more favorable atmosphere for business growth and development.
“The Ministry, with the support of President William Ruto remains dedicated to positioning Kenya as the regional powerhouse for green investments and sustainable economic growth,” Miano said.
The Business Reforms Action Plan Development Committee is poised to drive these initiatives forward, ensuring Kenya’s place on the global stage as a thriving, investment-friendly nation.
