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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya says reforms open for more foreign investments

NAIROBI (Xinhua) -- Kenya’s business reforms and infrastructure development already undertaken provide best opportunities for investors to set up investments that will create more jobs for the youth, a senior government official said on Tuesday.

Adan Mohamed, the Cabinet Secretary for Industry, Trade and Cooperatives, told investors in Nairobi that Kenya is targeting investors who are willing to set investments that have high labour content.

“Our new company law for example allows one person to be the sole director of a company. We also allow one hundred percent ownership of a company by a foreigner,” said Mohamed.

He said Kenya now allows total repatriation of dividends without them being taxed. “We have an open foreign exchange regime and our financial system is most dynamic in the region,” Mohamed said.

He gave examples as agro-processing, business process outsourcing, energy and related services, telecommunications and construction.

“These are priority sectors we have identified because of the obvious reasons that they have potential to create massive employment opportunities,” said Mohamed.

He said the high investment in the infrastructure, including the standard gauge railway, expansion of the ports, construction of new roads and expansion of telecoms and energy distribution infrastructure have enabled lower cost of doing business in the country.

Mohamed said investors in Kenya also stand to benefit from the country’s duty-free access to United States and European markets under the Africa Growth and Opportunity Act and Economic Partnership Agreement respectively.

Mohamed said investors also stand to benefit from the East Africa Community’s Common Market and from the 19-countries strong Common Market for Eastern and Southern Africa.

“Kenya being the dominant economy in the region provides investors with a wide choice of opportunities,” said Mohamed.

He said over 40 multinational companies have in the past few years applied to put up their African headquarters in Kenya, saying this is a show of a vote of confidence in the county and beneficial to investors as it provides a wider opportunity to make deals.

             

 

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