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,”
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.
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
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.