Home Business KIICO2023: Kenya to strengthen investment position as event kicks-off

KIICO2023: Kenya to strengthen investment position as event kicks-off

Foreign Direct Investment (FDI) inflows declined from Ksh 50.8 billion in 2021 to Ksh 46.4 billion last year

Kenya expects to attract investments in at least eleven key sectors as the the 3rd Kenya International Investment Conference (KIICO) kicks off in Nairobi.

President William Ruto who will officially open the three-day event on Monday, May 29, 2023 will lead Kenya in its quest to increase Foreign Direct Investments from Africa and across the world.

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Official statistics indicate that Foreign Direct Investment (FDI) inflows declined from Ksh 50.8 billion in 2021 to Ksh 46.4 billion last year, a factor that the Kenya Kwanza administration in key to correct as it targets to reach more than Ksh 100 billion annually.

At least 2000 delegates, 54 African trade ministers, and 100 top businesses in Africa are attending the event which has been organized by The event which is being organized by KenInvest through the Ministry of Investments, Trade and Industry (MITI).

KIICO2023 will begin with a meeting of African trade ministers on the implementation of the African Continental Free Trade Area (AfCFTA)

“The conference includes a working retreat for 54 Africa Trade Ministers to develop the African Continental Free Trade Area (AfCFTA) implementation matrix and Road map that will play a key role in opening the 1.3 billion-person market in Africa for Kenya’s Small and Medium Enterprises (SMEs) and positioning Kenya as the gateway to Africa,” said the organizers of the event.

The conference whose theme is “Unlocking Africa’s Gateway” will also later feature the Africa Private Sector Alliance (APSA) Forum that brings together top 100 businesses in Africa to deliberate on Private Sector Growth and Development in the continent.

Kenya expects to presents to investors its bankable investment projects, access networking opportunities with local and international investors for business-2-business and business-2-government through investor ready projects.

Additionally, Kenya will also benefit from the networking and sharing experiences on best practices of investment promotion and facilitation, mainstreaming of Micro and Small Medium Enterprises (MSMEs) youth and women innovators get a platform to showcase their innovations and discuss regional integration for the private sector and Regional Economic Communities (RECs).

Among areas of investment opportunities Kenya targets to pitch to investors include Special Economic Zones, Public Private Partnerships, Foreign Direct Investments in Energy, Affordable Housing, Agriculture, Health, Water, Roads, Transport including the LAPSSET Corridor, Financial Services including the Nairobi International Financial Centre and ICT related investments including the Konza City.

Kenya delegation will also include Deputy President Rigathi Gachagua, Investments, Trade and Industry Cabinet Secretary Moses Kuria, Trade Principal Secretary Alfred K’Ombudo, Investment Promotion Principal Secretary Abubakar Hassan, and KenInvest Chair Sally Mahihu.

Other dignitaries expected during the conference include guest speaker, President Azali Assoumani of the Union of Comoros who also serves as the African Union Heads of States Summit chairman and AfCFTA Secretary General Wamkele Mene.

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