Kenya Beckons Foreign Investors
20 September 2005
 |
| President Mwai Kibaki of Kenya |
Foreign investors can help Kenya to diversify its production base and encourage value-added goods to be produced in the country, said the country's President Mwai Kibaki at a function organised by the Commonwealth Business Council and the Eastern Africa Association on 20 September 2005. It was held at the Commonwealth Secretariat in London, UK.
Addressing some 70 members of the London-based business community, President Kibaki said his government aims to boost Kenya's economy, improve its infrastructure and continue its fiscal and regulatory reform to stimulate growth and create jobs.
"We are determined to consolidate these achievements and strive for higher rates of growth that will have a significant impact on our efforts to eradicate poverty. This year, we expect the economy to perform even better and we are looking forward to attaining a growth rate of at least 5.5 per cent," said Mr Kibaki. This forecast is a rise from last year's growth rate of 4.3 per cent in gross domestic product achieved by Kenya.
President Kibaki noted that the UK is the leading foreign investor in Kenya, with investments totalling more than £1 billion. It is also the second most important trading partner of Kenya, while the East African state is the fourth largest exporter to the UK from Sub-Saharan Africa.
To attract more investors to Kenya, Mr Kibaki stated that roads are being upgraded throughout the country, while efforts are under way to modernise its telecommunications network by enhancing the use of wireless technology. New power generation projects, including the development of geothermal power, are in the pipeline to address the problem of frequent power outages, which have been a major concern to manufacturers. The aim is also to bring down the cost of power for industries and consumers.
President Kibaki called for investors to team up with his government in the development of roads, power generation and ports. Security, he said, is also being stepped up to reduce crime, and special courts set up to deal with corruption.
"In addition to these efforts, the Government has embarked on a wide range of reforms aimed at improving the efficiency of the public sector through transparency and accountability. Great things are happening in Kenya that have enhanced the environment for conducting business."
Mr Kibaki stressed that the establishment of the East African Community Customs Union earlier this year will contribute to regional economic integration, which will benefit investors in Kenya. In addition to this, he said Kenya's membership of the Common Market for Eastern and Southern Africa, with a market of 400 million people, offers many business opportunities.
delicious
digg
reddit
facebook
stumbleupon
News feeds