Better access to information on investments opportunities in the country is going to strengthen Kenya as a preferred investment destination in Africa with the establishment of the One Stop Centre (OSC).
The center will be operational from April as announced by Henry Rotich, the Finance Minister during to parliament during the reading of the fiscal year 2017/18 budget.
Rotich also announced that the Government has established e-regulation and will soon be establishing the e-Opportunities to enable investors interested in Kenya to search for investment opportunities available in Kenya from the comfort of their homes.
“These initiatives, in addition to the existing Huduma Centres, will provide comprehensive information to investors on licenses, permits and approvals that are currently offered in a multiplicity of Government agencies located in different parts of the city, further sustaining increased FDI inflows in the country,” said Rotich.
For a long time, access to information on investment opportunities in the country has been inadequate especially to the Kenyan diaspora and investors who would want to invest.
However, Kenya wants to attract more investors after ranked third most reformed country in the world in World Bank Ease of Doing Business index by the Doing Business 2017: Equal Opportunity for All Report. The country was ranked 136 to 92, largely due to reforms in getting credit, getting electricity and ease of starting a business.
As result, Treasury reports that the foreign direct investment (FDI) has risen from about US dollar 0.514 billion in 2013, to at least US dollar 2.3 billion in 2016.
With a projected steady economic growth for this year at 5.9 percent in 2017.
In 2016, the real estate sector emerged as the best performing asset class delivering returns of on average 25.8 percent against an average of 8.5 percent for equities, 0.2 percent on the NSE FTSE bond, and 11.6 percent for the 364-day bill.
Further, economists, have projected impressive growth forecast across many key sectors in sub-Saharan Africa including power generation and infrastructure, mobile technology, financial technology, agriculture, welfare, insurance, banking and tourism.
Kenya through the Finance Minister says,:
“Our economy is growing at twice the pace of global growth and more than twice that of Sub Saharan Africa. We are also growing faster than both Nigeria and South Africa whose growth is projected at 0.8 percent in 2017 for each country.”
This is an opportune moment for the diaspora community to be motivated to invest in the country.
Kenya is set to significantly benefit by capitalizing on their links with its Diaspora with the effectiveness and implementation of the measures to design policies and legislation to create an enabling environment for the Diaspora to participate fully and contribute to the development of their country.
The number of Kenyans abroad is estimated to be about three Million and is continuously on the rise.
For instance, diaspora remittances have maintained an upward trend in the country over the recent past thus contributing significantly to the country’s foreign exchange inflows.
Most of the money sent by about half a million Kenyans living in the Diaspora, according to the World Bank, is used to fund investment projects, a move that has attracted local companies, especially in the banking sector.