Kenya unveils action committee to boost investment climate

Led by Cabinet Secretary Rebecca Miano and Mr. Abubakar Hassan, Principal Secretary for Investment Promotion, the committee comprises select members from the private sector.

Their mission is to focus on key areas, including improving Kenya's global market position, enhancing the investment climate, fortifying de-risking measures, and streamlining investment coordination and facilitation. The overarching goal is to create a more dynamic and investor-friendly environment.

In a statement to newsrooms, CS Miano articulated a clear vision for the initiative, underscoring the government's resolve to rejuvenate Kenya's investment landscape.

"This holistic transformation aims to not only overcome challenges such as inadequate global positioning, sub-optimal investment climates, and fragmented investment facilitation but also to position Kenya as a magnet for investments regionally and globally," she said.

CS Miano outlined the steps taken to confront these challenges, including the establishment of a technical multi-agency business reform committee, the adoption of the World Bank Business Ready Programme, and the development of an actionable business reform plan aimed at elevating Kenya's global competitiveness.

Despite Kenya's achievements, CS Miano acknowledged the need for continued efforts to refine the business environment based on feedback from investors and stakeholders. Key areas of focus include reducing compliance and regulatory burdens, implementing tax reforms, and streamlining processes to foster a more conducive atmosphere for business growth and development.

Highlighting Kenya's status as a premier investment destination in Africa, CS Miano noted the nation's rankings as the 29th fastest-growing economy worldwide and a leader in startup funding and investment momentum on the continent.

CS Miano reiterated the Ministry commitment to positioning Kenya as a regional powerhouse for green investments and sustainable economic growth.

"The newly inaugurated Business Reforms Action Plan Development Committee is poised to drive these initiatives forward, ensuring Kenya's continued prominence on the global stage as a thriving and investment-friendly nation," she said.