Kenya expects to achieve at least Ksh 1.5 trillion in both foreign and domestic investments within the next five years.
The Kenya Investment Authority (KenInvest) through its Strategic Plan 2023-2027 has identified key priority areas which are projected to help the country realize at least Ksh 1 trillion in foreign direct Investments (FDIs) and increase domestic direct investments (DDIs) to Ksh 50 billion within the five-year period.
Speaking during the launch, Investment Promotion Principal Secretary Abubakar Hassan said Kenya has been struggling to attract FDIs in what s due to inadequate local positioning, suboptimal business and environment climate, insufficient derisking environment for investments, lack of investment-ready opportunities and weak coordination and fragmented facilitation which the government is seeking to turnaround.
“Our focus from next year is conversion of leads to deals and for us to do that, there are two areas with focus, making our investment facilitation framework globally competitive and two, the Cabinet has just approved Business Action Plan which will focus on the cost of doing business. We believe in the next six months it will turn around our investment facilitation frameworks and make our business climate optimal,” he said.
With the strategic plan, KenInvest now targets to attract an average of Ksh 200 billion in FDIs annually and Ksh 10 billion in DDIs.
“We understand the significant potential KenInvest has in creating a lasting impact and fulfilling its mandate. The Board is fully committed to seizing this opportunity and delivering on our responsibilities,” added Sally Mahihu, KenInvest Chairperson.
According to KenInvest, key priority areas include investment promotion and attraction, integrated investment facilitation and aftercare services, research and policy advocacy and transformation of the investment promotion agency.
“The new Strategic Plan leverages the successes achieved in its predecessor, with a dedicated focus on facilitating and attracting new, high-impact investments to stimulate economic growth and foster wealth and employment creation,” said June Chepkemei, KenInvest Acting CEO.
Other key focus areas include strengthening the legal and regulatory framework for Investment promotion and facilitation, and refinement and promotion of bankable investment opportunities.
