The Ministry of Investments, Trade, and Industry has inaugurated the Business Reforms Action Plan Development Committee in a move to enhance investments in the country.
The committee will tackle and remove obstacles impeding both foreign and domestic direct investments.
Speaking during the inauguration of the committee on Friday, Investments, Trade, and Industry Cabinet Secretary Rebecca Miano said the initiative aims to foster a more dynamic and investor-friendly environment.
Miano, who was accompanied by Investments Promotion PS Abubakar Hassan, underscored the government's resolve to rejuvenate Kenya's investment landscape promising a more inviting and efficient environment for businesses.
“This concerted effort signals a major leap towards not just overcoming the identified challenges of inadequate global positioning but also turning Kenya into a magnet for investment, both regionally and globally,” she said.
Miano outlined the steps taken to confront these challenges, including the establishment of a technical multi-agency business reform committee, the adoption of the World Bank Business Ready Programme and the development of an actionable business reform plan.
She highlighted Kenya's burgeoning status as a premier investment destination in Africa, backed by accolades such as being ranked the 29th fastest-growing economy in the world and leading in start-ups on the continent.
“Despite these successes, feedback from investors and stakeholders signals the need for continued efforts to refine the business environment,” she said.
She said key areas of focus will include reducing compliance and regulatory burdens, implementing tax reforms, and streamlining processes to foster a more conducive atmosphere for business growth and development.
She added that her ministry remains dedicated to positioning Kenya as the regional powerhouse for green investments.
“The Business Reforms Action Plan Development Committee is poised to drive these initiatives forward, ensuring Kenya's place on the global stage as a thriving, investment-friendly nation,” Miano added.
The Ministry of Investments, Trade, and Industry is the Kenyan government's arm responsible for formulating, administering, and implementing policies related to investments, trade, and industry.
