M a r k e t N e w s

Kenya courting investors from the United Arab Emirates to take advantage of the country's varied investment prospects.

Posted on : Tuesday, 13th July 2021

Industrialization Principal Secretary Peter Kaberia advised businesses to use the Export Processing and Special Economic Zones in Lamu, Mombasa, Naivasha, and Nairobi to grow their operations in Africa during a virtual Kenya-UAE business conference.


Kenyan imports from the UAE were estimated to be worth 18 billion shillings in 2020, while Kenyan exports to the UAE were estimated to be worth 4.2 billion shillings.


Kenya has initiated a number of promotional initiatives in an attempt to entice investors from the oil-rich country.


Kenya is ranked 56th in the world for ease of doing business, but investors have recently urged the government to implement internet laws and regulations that would make the country less competitive than its rivals.


The government is now relying on public-private partnership models with investors, particularly for infrastructure projects like the Nairobi Expressway and the Nairobi-Nakuru-Mau Summit Expressways, which are now under construction.


In order to prepare for possible investments, the government has proposed the use of ICT facilitation portals and planned infrastructure projects.


Kenya climbed from 170th place in 2012 to 56th place in the World Bank's ease of doing business study of over 180 nations.


Dr Moses Ikiara, Managing Director of the Kenya Investment Authority, praised the collaboration, stating, "We appreciate the robust Kenya-UAE Cooperation, which has seen remarkable increase in the number of Emirati enterprises setting up shop in Kenya." We are grateful to the more than 70 businesses and individuals who have chosen to invest in Kenya.”


“Through this Forum, we urge Emirati investors to explore investing in Kenya by entering into joint ventures with Kenyan enterprises or through PPPs,” he adds.

Source : www.kitc.ke.com
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