A new bill that proposes to establish Kenya Investment Corporation and operationalize a centralized facility for purposes of providing government services and regulatory requirements for investors is currently undergoing public participation.
The Investment Promotion and Facilitation Bill 2023 proposes to convert the Kenya Investment Authority to the Kenya Investment Corporation thereby giving it more functions beyond investment promotion and facilitation.
Kenya Investment Authority Managing Director June Chepkemei said the bill will establish a One Stop One Go Centre to enable more collaboration with state agencies and facilitation to make investment processes simpler, much easier and seamless.
“The facility may host government regulatory and service provision agencies including, agencies responsible for; but not limited to, registration of business; tax and customs administration requirements; registration and payment of taxes; immigration; issuing of permits, licences and approvals,” she said.
Others proposed serves under it include labour compliance obligations Investment Promotion and Facilitation Bill, 2023; environmental conservation and management; land administration; development control and enforcement 26; business licensing services including the relevant county government; generation and transmission of electricity; overseeing the construction industry; promotion and facilitation of exports in Kenya; for Special Economic Zones; Funds of the Corporation and any other service that the Board may consider necessary.
The fifth session of the public participation forum took place at the Pride Inn Azure, Nairobi. Other public participation fora have been held in Nyeri, Kisumu, Mombasa and Eldoret.
Public participation is intended to give an opportunity to the public to discuss the bill at length critique it or improve the areas where stakeholders feel are inconsistent with other existing legislation and vice versa.
“We are looking at ways to make investment journey in the country more comfortable, enjoyable and refreshing by introducing a one start-one go centre; to be more facilitative and predictable,” she said.
KenInvest provides information on investment opportunities and sources of capital, information to investors on the business climate, operating rules as well as investment opportunities and sources of capital.
It also facilitates expeditious and quality facilitation of projects for prompt implementation, assisting investors in obtaining licenses, permits, incentives and exemptions. It seeks liaison with other government agencies for the issuance of additional licenses and approvals not directly handled by the Authority.
She said the bill result to a much more coordinated approach to investment than what we have at the present. It will be aligned to the Constitution of Kenya 2010 and recognises the place of devolution and the 47 county governments.
Kenya is the largest and most advanced economy in East and Central Africa. Its GDP accounts for more than 50 per cent of the region’s total and in terms of current market prices, its 2014 Gross Domestic Product (GDP) stood at US$58.1 billion. Kenya’s strong growth prospects are supported by an emerging middle class and an increasing appetite for high-value good and services.
