A Bill that seeks to amend various laws to create a conducive environment for doing business is currently before the Senate.
The Business Laws (Amendment) Bill (Senate Bills No. 52 of 2024), moved by the Senate Majority Leader, Aaron Cheruiyot, requires the Investment Promotion Authority to provide government services at a centralised facility.
The Bill that is currently in the second reading requires agencies stationed at the centralised facility to provide services to investors in accordance with their functions and mandate.
“This Bill seeks to increase the number of permits that will be issued to foreign direct investors and facilitators for foreign investors who apply for an investment certificate. This is by amending Section 13 of the Investments Promotion Act,” said Cheruiyot.
He said the World Bank released a report last week advising that for Kenya to regain its competitiveness, there is a need to make amendments to ensure the growth of the various sectors of the economy.
Cheruiyot said that with interventions such as the Kazi Majuu Programme and the promotion done by the State Department of Diaspora Affairs, Kenyans are sending home over a billion dollars, with the funds being used to set up businesses.
“If we can come up with policies that will ensure that we will grow that by 100 per cent, that is real growth that will be realised because that is money that has come back to this economy,” he said.
Cheruiyot told the House that Kenya spends close to Sh500 billion importing food alone, such as wheat, sugar, rice, and cooking oil, pointing out the countries that we import from: Pakistan for rice, Malaysia for edible oil, and Russia and Ukraine for wheat.
“It is because they have listened and have taken time to understand what they would do for their private sector to become more competitive as well as ensure that they produce sufficiently for their country of origin and enough to export to other countries,” he said.
A Bill that seeks to amend various laws to create a conducive environment for doing business is currently before the Senate.
The
Business Laws (Amendment) Bill
(Senate Bills No. 52 of 2024), moved by the Senate Majority Leader, Aaron Cheruiyot, requires the Investment Promotion Authority to provide government services at a centralised facility.
The Bill that is currently in the second reading requires agencies stationed at the centralised facility to provide services to investors in accordance with their functions and mandate.
“This Bill seeks to increase the number of permits that will be issued to foreign direct investors and facilitators for foreign investors who apply for an investment certificate. This is by amending Section 13 of the Investments Promotion Act,” said Cheruiyot.
He said the World Bank released a report last week advising that for Kenya to regain its competitiveness, there is a need to make amendments to ensure the growth of the various sectors of the economy.
Cheruiyot said that with interventions such as the
Kazi Majuu Programme
and the promotion done by the State Department of Diaspora Affairs, Kenyans are sending home over a billion dollars, with the funds being used to set up businesses.
“If we can come up with policies that will ensure that we will grow that by 100 per cent, that is real growth that will be realised because that is money that has come back to this economy,” he said.
Cheruiyot told the House that Kenya spends close to Sh500 billion importing food alone, such as wheat, sugar, rice, and cooking oil, pointing out the countries that we import from: Pakistan for rice, Malaysia for edible oil, and Russia and Ukraine for wheat.
“It is because they have listened and have taken time to understand what they would do for their
private sector to become more competitive
as well as ensure that they produce sufficiently for their country of origin and enough to export to other countries,” he said.
By Edwin Nyarangi