DEVELOPMENT AND BUSINESS

I've cemented Nairobi's status as key investment hub — Uhuru

Says significant strides have already been made towards making the country a vibrant economy

In Summary

•Uhuru said the government’s focus on key reforms across the business services spectrum has boosted the country’s position as an international financial services hub.

•He said the National Treasury is working with key stakeholders to deepen the domestic debt markets and improve pricing and efficiency.

Head of Public Service Joseph Kinyua delivering President Uhuru Kenyatta's speech during the official launch of the Nairobi International Financial Centre on July 4,2022.
DEVELOPMENT AND BUSINESS: Head of Public Service Joseph Kinyua delivering President Uhuru Kenyatta's speech during the official launch of the Nairobi International Financial Centre on July 4,2022.
Image: PSCU

President Uhuru Kenyatta on Monday assured of the government’s commitment to providing a conducive environment for investment.

He said significant strides have already been made towards making the country a dynamic and vibrant economy in East and Central Africa.

Uhuru said the government’s focus on key reforms across the business and financial services spectrum has boosted the country’s position as an international financial services hub.

“We have not only tried but have succeeded in cementing Nairobi’s pride and place in our journey towards being the international financial services hub envisioned in our Vision 2030,” he said.

The President's remarks were contained in a speech delivered on his behalf by the Head of Public Service Joseph Kinyua, during the official launch of the Nairobi International Financial Centre.

President Kenyatta expressed satisfaction that the IFC has been designed as an efficient and predictable business environment.

“We know investors have options and we want them to actively choose Kenya.  The centre has and will continue to play a significant role in promoting the initiatives outlined above to target investors,” Uhuru said.

He said through the IFC, the government will create an ecosystem that supports the financial structuring of business in the country.

Uhuru cited the full automation of business registration services, automation of the land registration processes, and adoption of e-payment and e-filling services in the High Court as some of the reforms that have helped to create a conducive business environment.

“We have automated and streamlined the payment of taxes and redesigned the import and export processes, to reduce costs and improve the efficiency of our ports,” the President said.

He said the country’s ecosystem of green economy institutions and business innovators has already created momentum through the development of the green bond framework in Kenya.

Uhuru said the National Treasury is working with key stakeholders to deepen the domestic debt markets and improve pricing and efficiency to reduce the cost of capital for the development of green projects.

“These, among other attractions, provided good reason for Google to open its first African Product Development Centre in Nairobi earlier this year.  Microsoft has already opened a $27 million (Sh3,186,000,000) technology hub in Nairobi,” he said.

“In November last year, the President of the European Investment Bank was in the country to officially open the Bank’s regional hub that will cover 11 countries in Eastern and Central Africa.  VISA opened its first African Innovation Studio in Nairobi.”

 

Edited by Kiilu Damaris

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