Kenya sees growing confidence by global investors

The Kenyan government said Monday it's seeing growing confidence by global investors in the East African nation.

Cabinet Secretary for Industrialization and Enterprise Development Adan Mohamed said the East African nation has been ranked the seventh for best place to invest in emerging markets by Fortune magazine in its current issue.

Kenya made a cut to the special list of emerging market that has India, Malaysia, Indonesia, Mexico, Poland and Colombia.

"We are seeing growing confidence by global investors in our country, something that we are proud of," Mohamed said in a statement issued in Nairobi.

He said the ranking takes note of the massive efforts being made in infrastructure development, the power sector and the improving macro-economic stability.

"The reducing cost of doing business and stable macro-economic environment continues to make a clear signal that Kenya is ready to do business with the world and we are delighted that investors are showing increasing confidence in our country," Mohamed said.

Mohamed said Kenya has embarked on an ambitious program to address challenges on the ease of doing business and has set up a delivery team to make the country a world class investment destination. The ministry of industrialization and enterprise development is leading the Business Climate Reform agenda and is working with various government agencies.

The government says 2014 saw a number of multinational corporations make Kenya their center of operations for the region and Africa, while citing the success of the Euro Bond as well as expansion of the capital markets demonstrating the confidence investors have in the country. Endi