Kenya mulls reforms to attract more foreign investment

NAIROBI, March 27 (Xinhua) -- Kenya is planning a series of legal and regulatory reforms to attract more foreign direct investment (FDI), a government official said on Tuesday.

Moses Ikiara, managing director of Kenya Investment Authority (KenInvest), told Xinhua in Nairobi that there are several bureaucratic challenges that investors face that slow down the flow of capital into Kenya.

"So in the next few months, we are planning amendments in some laws in order to reduce the time required by investors to establish their operations," Ikiara said on the sidelines of a seminar showcasing Belt and Road trade and investment opportunities.

The event was jointly organized the Hong Kong Trade Development Council and the Kenya National Chamber of Commerce and Industry.

According to Ikiara, the government is keen to attract more FDI, which results in job creation as well as transfer of new technology into the country.

The official noted that through digitization of government services, the ease of doing business in the country has greatly improved.

"However, a number of hurdles still persist that are hindering the flow of capital into the country," said Ikiara.

Land issues were the biggest challenges facing investors in the country, Ikiara said, noting that the land tenure system has led to disputes over ownership, which has made a number of projects to stall.

He said reforms in improving the business environment are essential due to huge interest among foreign investors in Kenya. Enditem