Sharp Daily
No Result
View All Result
Friday, June 6, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home Investments

ICT Ministry Announces Deletion of Regulation Requiring 30.0% Local Ownership for Foreign-Owned Firms

Patricia Mutua by Patricia Mutua
July 12, 2023
in Investments
Reading Time: 2 mins read
Courtesy of nairobinews.nation.africa

Courtesy of nairobinews.nation.africa

It is a reprieve for global tech giants like Amazon and the telecommunications company Airtel following the deletion of the regulation requiring foreign-owned Information and Communications Technology (ICT) companies operating in Kenya to sell at least 30% of their ownership stake to local investors. This comes after the ICT Ministry announced on Tuesday, 11th July, that, as Kenya visioned to be globally competitive in terms of knowledge-based economies, it was right for the government to strategize for the promotion and development of the ICT sector to encourage investments, both by foreign and local investors, thus creating employment opportunities for Kenyans.

Read more: Kenya Lags Behind Among Her Peers in the Foreign Direct Investment (FDI) Race

The Kenyan government introduced local ownership provision regulations in the ICT sector back in 2020, requiring compulsory 30% local ownership in a bid to support healthy competition in ICT. However, President Ruto came out in March to say that the regulation had acted as a limiting factor that had discouraged giant tech companies like Amazon, Google, and Microsoft from setting up in Kenya. The president then insinuated an oncoming deletion of the said regulation. Airtel Kenya has also been working to fulfil the said regulation by the earlier set deadline of March 2024. The lifting of the regulation is definitely a reprieve for the telecommunications company operating in Kenya.

Read more: KBC, ICT Authority Ink Partnership Deal To Enhance Access To Digital Technology

RELATEDPOSTS

Government and private sector unite to boost youth employment in tech

July 22, 2024

Kenya Lags Behind Among Her Peers in the Foreign Direct Investment (FDI) Race

July 10, 2023

This comes as the Kenyan government continues to strategize on ways to attract more Foreign Direct Investment (FDI) into the country. Kenya recorded an increase in FDI of 63.9% in 2022 compared to 2021, which is attributed to the increased interest in Kenya’s renewable energy sector by foreign investors. Despite the huge jump in growth, Kenya still trailed behind her peers like Ethiopia, Uganda, and Tanzania in its ability to attract foreign investors.

Email your news TIPS to editor@thesharpdaily.com

Previous Post

Green Bonds in Kenya

Next Post

Kenya and Iran Ink Five MoUs to Foster Bilateral Trade

Patricia Mutua

Patricia Mutua

Related Posts

Investments

Decoding stock-based compensation

June 4, 2025
Investments

Navigating the money market and fixed income funds landscape

June 3, 2025
Investments

Foreign influence in Kenya’s credit crisis

May 28, 2025
Investments

SACCO’s at the heart of rural financial inclusion in Kenya

May 22, 2025
Investments

Real yields vs. nominal yields on Kenya’s government bonds

May 21, 2025
Investments

Knight Frank: Kenya’s wealthy swap mansions for market moves

May 19, 2025

LATEST STORIES

How Kenya’s E-Mobility shift could redefine urban planning

June 5, 2025

Economic liberators are the real heroes and heroines of the year

June 5, 2025

Affordable retirement planning for small businesses with CURBS

June 5, 2025

How Kenyan banks can modernize without marginalizing

June 4, 2025

Human rights concerns over activists’ treatment in Tanzania

June 4, 2025

Decoding stock-based compensation

June 4, 2025

Comparative advantage is the secret to real economic take off

June 4, 2025

Understanding inflation and its impact on everyday life

June 4, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024