NAIROBI (Xinhua) --
Kenya has doubled the inflow of
foreign direct investments to 2.4 billion U.S. dollars in 2016
from 1.4 billion dollars in 2015, but remained below par with
other East African competitors, such as Tanzania, which managed
to attract three times more, trade officials said Monday.
Moses Ikiara, Chief Executive officer of Kenya Investment
Authority (KenInvest), a government body tasked with attracting
domestic and foreign investors, said despite the near doubling
of the investment inflows, Kenya’s per capita foreign investment
inflows remained at 13.8 dollars compared a regional average of
"The target is to have at least 32 percent of the Gross
Domestic Product (GDP) driven by both private and public
investment by 2030 and to have the private sector investment to
rise to over 24 percent of GDP by 2030," Ikiara said during the
launch of public discussions on a draft national investment
Kenyan officials are targeting fresh investment inflows from
large foreign multinational firms seeking to set up regional
headquarters to serve the regional export market in Africa.
Government officials say the government values private
investment, which justifies the need to have a properly laid out
national investment policy, to encourage expansion of local and
"The situation is not rosy for Kenya in this region even
though we have seen good growth.
"We are still behind Tanzania and Mozambique in attracting
"We must catch up and overtake them," Ikiara told investors
attending the launch of the public discussions on the draft
The authorities want the investment policy to lay down rules
of engagement, including the incentives that the foreign
investors could be entitled to, including a review of the
minimum capital investment requirement of 100,000 dollars to
spur the growth of the local economy.
Ikiara said new measures to boost market entry of the foreign
and domestic investors included injecting transparency and
providing investment incentives tied to having the foreign
investors acquiring local business partners, training the local
workforce and other measures that improve the work environment.
Ikiara outlined the immediate priorities of the new
investment policy as the review of the minimum capital