State proposes single centre for investors

Thursday, February 22nd, 2024 05:55 | By
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Bundle of notes. PHOTO/Print

A new bill aiming to establish the Kenya Investment Corporation and introduce a centralized facility for government services and regulatory requirements for investors is currently undergoing public participation.

The Investment Promotion and Facilitation Bill 2023 seeks to convert the Kenya Investment Authority into the Kenya Investment Corporation, expanding its functions beyond investment promotion and facilitation.

Kenya Investment Authority managing director June Chepkemei, highlighted that the bill aims to establish a one-stop-one-go centre to enhance collaboration with state agencies and simplify investment processes.

“The facility may host various government regulatory and service provision agencies, including those responsible for business registration, tax and customs administration, immigration, permits, licenses, and approvals,” she explained.

Proposed services under the centre include labour compliance, environmental conservation, land administration, business licensing, electricity generation, construction oversight, export promotion, Special Economic Zones, and any other services deemed necessary by the board. Public participation sessions have been held in Nairobi, Nyeri, Kisumu, Mombasa, and Eldoret to provide stakeholders with the opportunity to discuss, critique, and suggest improvements to the bill.

With Kenya being the largest and most advanced economy in East and Central Africa, boasting a GDP accounting for over 50 per cent of the region’s total, the bill aims to bolster Kenya’s strong growth prospects supported by an emerging middle class and increasing demand for high-value goods and services.

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