KEPSA participated in the first of a number of review sessions of a draft National Investment Policy developed by KenInvest with the support of the World Bank. The forum provided an opportunity for representatives from the devolved county governments to interact with the draft policy as an ideal framework is developed to coordinate, facilitate and spur investment across the country in a coherent manner for the national economy.
Investments are expected to play a key role in the realization of the Kenya Vision 2030. It is postulated that in order to achieve the Vision 2030 objectives, the level of investments (both public and private) should rise and remain above 32% for the 2014-2030 period. Realizing this level of investment will require a significantly improved investment climate that promotes and facilitates both direct domestic (DDI) and foreign direct (FDI) investments. The development of a National Investment Policy is informed by this imperative and the realization that currently, Kenya does not currently have a central, comprehensive and harmonized policy to guide attraction, facilitation, retention, monitoring and evaluation of private investment. The lack of a harmonized investment policy has sometimes resulted in contradictory and conflicting policies and legislations.
Policy certainty is perhaps one of the most important determinants of private investment. As the country continues to engage in a debate on various issues affecting investment include minimum capital requirements for foreign investors, the sectors that should be reserved for local investors, community relationship challenges facing various investment projects, local content, and the relative roles of various public agencies (including County governments) amongst others, the necessity for a robust national investment policy is underscored.
During the consultative forum, participants considered the first draft of the National Investment Policy and its recommendations on how to improve Investment Promotion and Facilitation in Kenya. Further work remains to be done. KEPSA will stay engaged throughout the development process and will keep the membership informed and engaged. To get involved or for further information, please contact Patrick Tonui at email@example.com