Kenya plans to improve its business environment in order to attract foreign investors into the country, a senior government official said on Wednesday.
Adan Mohamed, Cabinet Secretary for East African Community and Regional Development told journalists in Nairobi that the investment climate will be enhanced through redesigning service delivery processes to eliminate compliance burden for foreign firms relocating to Kenya.
“By improving the business regulatory environment, Kenya will become the preferred investment destination in Africa,” Mohamed said.
Mohamed said that some of the measures to be undertaken will reduce the cost associated with a wide array of critical business processes such as commercial litigation, company registration and paying taxes.
According to the ministry, dozens of multinationals already operate in Kenya due to its improving investment climate.
Mohamed revealed that foreign companies will play a role in stimulating economic growth and job creation.
He observed that Kenya is prioritizing business reforms in order to address challenges faced by the private sector that reduce the attractiveness of Kenya as an investment destination.
The Kenyan official added that business reforms are even more critical if Kenya is to attract more foreign investors to take advantage of the African Continental Free Trade Area.
He noted that Kenya is keen to attract foreign investors in order to achieve the country’s economic blueprint, the big four agenda that focuses on agriculture, manufacturing, universal health care and food security.