• This is up from 61 last year.
• Registering property now takes 12 days from 72 days in 2014,according to government.
Image: DPPS
Kenya has improved five positions to 56 globally on attractiveness to investors, the latest World Bank Ease of Doing Business has revealed. This is up from 61 last year.
This has been pegged on among among others, automation of systems that have made starting business in Kenya easy.
The position 56 is out of 190 countries measured in the ease of doing business index.
Deputy President William Ruto has said the government will continue investing in systems that will make Kenya even more attractive, as the country targets a top fifty position.
"We are certain Kenya has to adopt a robust regulatory framework and improve the business environment much further. This will help attract investors, " the DP said in Nairobi on Thursday when he officially launched the World Bank ease of doing business index.
The world Bank has praised the country's business environment.
"Kenya is among top reformists in Africa and the World. This takes good leadership and coordination between agencies," said Augustine Langyintuo of World Bank finance competitiveness and innovation regional focal point.
"I encourage Kenya to continue with these reforms," he added.
Kenya Private Sector Alliance (Kepsa) CEO Carole Kariuki said a number of measures put in place have helped improve the business environment. Among the measures include registering of business where the systems now allow for single directorship, insolvency act, speedy cargo clearance and improved border movements.
"We have been improving and nothing stops us from making it to the top ten in the world," Kariuki said.
Head of DFID Kenya Julius Court has urged for continued improvements and addressing pending issues, among them the interest rate cap which has denied private sector credit.
"These are issues raised by both UK business community and Kenyan. Addressing these issues will make Kenya even more attractive," Court said.
The ease of doing business looks at among other; starting a business in a country, registering property, dealing with construction permits, getting electricity, getting credit, paying taxes and protecting minority investors.
Others are trading cross borders, resolving insolvency and the level of enforcing contracts.
On starting a business, Kenya has improved from 34 days to five days, the period it takes before one has all the requirements in place to be in business.
Registering property now takes 12 days from 72 days in 2014, according to government.
Dealing with construction permits now takes 159 days.
EAC and regional development CS Adan Mohamed said though the country has made tremendous improvement in key indicators, there still remains challenges.
Areas of concern according to the CS are import, export processes, getting construction permit and registering property at the Lands Ministry.