KEPSA participated in the Public Participation on the draft Investment Promotion and Facilitation Bill 2023 which was held on 16^th February 2024 at a Nairobi hotel and organized by the Kenya Investment Authority (Ken Invest).

The primary objective of the draft Bill is to establish a comprehensive legal framework that fosters both local and foreign investments within Kenya. Further, the Bill will align the existing Act with the Constitution of 2010 and the Kenya Investment Policy of 2014 and adapt to changes in the domestic and international investment landscape.

Ms. Sally Mahihu, the Chairperson of Ken Invest, appreciated the Public participation session as it would see experts, the business community, and government entities actively engage to ensure the legislation, in the long run, attracting high-quality investment to achieve economic growth through capital attraction, fostering quality investment, skill transfer and job creation.

The following are the highlights of the draft Bill;

• The proposal to have the Investment Authority to be changed to a corporation
• The incorporation of the EAC citizens as local investors
• The incorporation of a Tribunal to handle investment disputes.
• The threshold for registration for an investment certificate for foreign investors is set at USD 500,000 and Ksh.5,000,000 for local investors.

The key pertinent issues that were raised in the forum that would affect the investment environment included;

• The interphase between the national and county governments on investment matters was missing in the Bill.
• The note that in the case of a dispute, the High Court decision would be final and lack of recognition of the other higher levels of the court.
• That the tribunal would have the same powers as the corporation rather than independently focusing on tribunal issues.
• The incentive framework on what a certificate of investment would encompass was also scanty in the draft bill.

The Investment Authority called on the private sector to forward their written submissions to enrich the Bill to ensure that upon its enactment, it would spur investment and facilitate the already existing investments.

Click here to access the draft bill.

In case of further clarification, please email eotieno@kepsa.or.ke or gndege@kepssa.or.ke