Invest in Kenya, CS Amina encourages Americans

Cabinet Secretary Amb. Amina Mohamed has encouraged American investors to invest in Kenya and take advantage of a vibrant economy that promises good returns.

Speaking on Wednesday during the ‘Doing Business in Kenya Forum’ at the Intercontinental Willard, Washington D.C, the Cabinet Secretary assured investors that Kenya is conducive for investments and has continued to be rated favorably by various International Rating Agencies based on the strong reforms that the Government has implemented.

The Cabinet Secretary cited the recently-released Global Competitiveness Report 2013/14, which rated Kenya among the top 100 most competitive countries in the world, having made the most improvement in Africa.

The Cabinet Secretary also cited last year’s World Bank’s annual Country Policy and Institution Assessment Programme that “rated Kenya the best country in Sub Saharan Africa in terms of institutional quality and policy making reforms for poverty – reducing growth.”

The CS assured investors that Kenya’s economy remains resilient as demonstrated by the expansion of overall economic activity by 4.7 percent in 2013, adding that the economy is projected to grow by 5.8 percent and 6.4 percent in 2014 and 2015, respectively.

The Cabinet Secretary attributed this growth to far reaching structural reforms the Government has implemented as well as sound economic management.

“I want to assure you that the economic growth prospects remain very strong due to continued implementation of bold economic policies, governance and structural reforms as well as new constitutional dispensation,” said Amb. Mohamed.

The CS applauded the continued engagement of the American private sector to Kenya noting that “the recently concluded Eurobond issue by Kenya which was oversubscribed by 500% was 66% subscribed by US investors.”

CS Amina further said Kenya is keen to expand and upgrade infrastructure in order to deliver the required efficiency in terms of time and cost to facilitate trade and investment.

“This is important to our intention to attract and sustain private sector investments in critical sectors of the economy,” she said.

“Likewise” she added, “the government is reviewing the policies, process and systems to ensure Kenya secures a leadership role as a regional trade and investment hub.”

CS Amina cited a number of initiatives and key policies that the Government has put in place towards this end; among them the modernization and expansion of the Mombasa Port, automation and digitization of government services and the upgrading and expansion of JKIA to handle 20 million passengers by 2017.

Other measures include the reform and reorganizing of land registries to improve the efficiency of land transaction processes and plans to ensure all government procurement is done electronically.

The Forum, attended by key members of the American private sector, was organized by the Corporate Council on Africa under the leadership of Mr. Stephen Hayes and the Kenyan Embassy in Washington.