This archive report was first published on 7 November 2019.
On November 7, 2019, the Kenyan government launched a new investment policy aimed at improving the business environment and attracting more investors to the country.
The policy, which was launched in Nairobi, seeks to address investor concerns such as work permits, minimum capital requirements, and incentives.
One of the key features of the policy is the establishment of the National Investment Council (NIC), which will be chaired by the President and will have 10 members appointed by the President.
The NIC will be responsible for championing a 'sound investment climate' and formulating a negative list of activities where foreign investments will be restricted to protect local investors in 'sensitive areas'.
The policy also aims to increase the level of public investments to at least 32% of the country's gross domestic product (GDP) and private investments to 24% by 2030.
Trade Cabinet Secretary Peter Munya welcomed the policy document, saying it was long overdue.
"To ensure investment proposals are consistent with Kenya's national interest, the government may review major foreign and domestic investment proposals on a case-by-case basis through the National Investment Council," says the policy.
However, Parliament may grant exemptions from this policy for investors wanting to make significant investments in 'priority sectors'.
