Kenya Taps Global Innovation Experts to Enhance FDI Strategies

he United Nations Development Programme [UNDP], World Bank, and Kenya Investment Authority [KenInvest] have recently initiated a collaborative effort to establish an Investment Facilitation Framework and a Foreign Direct Investment [FDI] Attraction Strategy in Kenya. This partnership aims to establish a clear, efficient, and reliable process for investment facilitation, thereby making Kenya a more attractive destination for investors.

Hon. Rebecca Miano, MBS, the Cabinet Secretary for the Ministry of Investments, Trade, and Industry [MITI], expressed strong support for this initiative during its launch in Nairobi. She emphasized that the partnership would simplify investment procedures in Kenya, benefiting both domestic and foreign investors. The initiative is expected to enhance coordination and cooperation among various stakeholders involved in the investment process.

The National Investment Council [NIC], a key player in this endeavor, has been instrumental in formulating the Investment Facilitation Framework. This framework is part of Kenya’s broader goal to attract USD 10 billion in FDI. It focuses on creating a transparent, predictable, and efficient mechanism for investment facilitation.

The government plans to leverage UNDP’s global network to implement this framework effectively. The partnership will encompass various aspects such as legislative and regulatory reforms, development of an Investor Facilitation Platform, and strengthening the institutional capacity of Kenya Investment Authority.

Mr. Anthony Ngororano, UNDP Resident Representative, highlighted UNDP’s commitment to supporting Kenya in removing investment barriers and enhancing the investment facilitation process. Similarly, Ms. Elizabeth Kibaki-Obiero, a Senior Private Sector Development Specialist from the World Bank, pledged support for improving transparency and predictability in Kenya’s investment climate.

Hon. Miano also mentioned the government’s plans to review existing legal frameworks to better accommodate the needs of both foreign and domestic investors. This includes updating the Investment Promotion Act of 2004 to align it with the Constitution of 2010 and the current investment environment.

June Chepkemei, CEO of Kenya Investment Authority, revealed that the partnership’s efforts would be guided by a strategic plan for the 2023/24 – 2027/28 period. The plan, themed “Spearheading Equitable Investment-Led Economic Transformation”, focuses on targeted investment promotion, harmonization of investment facilitation, research and policy advocacy, and building a model investment promotion agency.

The Investment Facilitation Framework is anticipated to significantly contribute to sustainable development in Kenya. It aims to increase both Foreign and Domestic Direct Investments, align these investments with national strategies, and enhance international cooperation. This initiative represents a significant step towards making Kenya a more competitive and attractive destination for investment on the global stage.

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