The Investment Promotion and Facilitation Bill 2023 is currently undergoing public participation. It seeks create the Kenya Investment Corporation, a centralized entity that would handle government services and regulatory requirements for investors.
Public participation sessions have been held in Nairobi, Nyeri, Kisumu, Mombasa, and Eldoret to provide stakeholders with the opportunity to discuss, critique, and suggest improvements to the bill.
If passed, it would transform the existing Kenya Investment Authority into the Kenya Investment Corporation, broadening its scope to include functions beyond just investment promotion and facilitation.
Kenya Investment Authority managing director June Chepkemei, highlighted that the bill aims to establish a one-stop-one-go centre to enhance collaboration with state agencies and simplify investment processes.
“The facility may host various government regulatory and service provision agencies, including those responsible for business registration, tax and customs administration, immigration, permits, licenses, and approvals,” she explained.
Proposed services under the centre include labour compliance, environmental conservation, land administration, business licensing, electricity generation, construction oversight, export promotion, Special Economic Zones, and any other services deemed necessary by the board.
With Kenya being the largest and most advanced economy in East and Central Africa, boasting a GDP accounting for over 50 per cent of the region’s total, the bill aims to bolster Kenya’s strong growth prospects supported by an emerging middle class and increasing demand for high-value goods and services.
