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Africa Economy: Kenya eyes mega deals at November investor conference

Xinhua, October 22, 2015 Adjust font size:

Kenya will sign lucrative deals with foreign investors in key sectors like agriculture, tourism, ICT and renewable energy during the Nov.23-25 investors' conference to be held in Nairobi, officials said on Wednesday.

Phyllis Kandie, the Cabinet Secretary for commerce, said the second edition of Kenya International Investment Conference will showcase emerging investment opportunities in the east African nation.

"Kenya is a model investment destination and we are confident the November investors' conference will create a platform to connect global investors with key growth opportunities across the east Africa's fastest growing economy," Kandie told journalists in Nairobi.

She said about 1,500 local and foreign delegates will attend the conference to discuss new business opportunities in the country.

The Kenyan government has reformed policy and regulatory frameworks to promote investments in strategic sectors of the economy.

Kandie revealed that investment flows to Kenya hit 1.2 billion U.S. dollars in 2014 thanks to macro-economic stability and the government's commitment to reforms.

"Attracting investments and optimizing opportunities to improve the lives of our citizens is a key government priority. Achievement of the double digit annual growth rate targeted in Vision 2030 requires investment as a ration of GDP to reach at least 32 percent," said Kandie.

Besides marketing Kenya as an ideal investment destination, the government has intensified negotiation for new trade agreements with regional blocs to secure greater market access for the country's goods.

Kandie noted that Kenya's vibrant capital market has also attracted foreign investors.

"We are the third fastest growing economy behind China and the Philippines and have been ranked by reputable agencies as among seven outstanding emerging markets worth investing in among the 57 fastest growing economies," Kandie said.

She revealed the government will showcase investment opportunities in vision 2030 flagship projects during the investors' conference.

The second edition of Kenya international investment conference will provide a platform for policymakers and investors to discuss emerging opportunities in agriculture, energy, ICT, leather and apparels sectors.

Kenya is targeting investors to take opportunities in the development of tourism facilities along its 500 km long Indian Ocean coastline, which has the potential to attract more visitors because of the existing cultural diversity and a thriving business hub which currently lures business travelers.

Managing Director of Kenya Investment Authority (KenInvest) Moses Ikiara said these sectors promise faster and higher returns on investment.

"The sectoral updates will be presented exclusively for keen investors over the three day conference," Ikiara told reporters.

Ikiara said the taxation environment, with corporate tax at 30 percent for resident companies and 3 percent on turnover of 50,000 dollars, value added tax of 16 percent and tax holidays of up to 10 years, the country has a favorable investment scene for international firms to operate locally. Endit