President Uhuru Kenyatta assured of the government’s commitment to providing an enabling environment for investment, saying that significant progress has already been made in making the country a vibrant and dynamic economy in East and Central Africa.
The President pointed out that the government’s focus on key reforms across the business and financial services spectrum has strengthened the country’s position as an international financial services hub.
“In pursuit of this goal, I can confidently say that we have not only tried, but succeeded in cementing Nairobi’s pride and place in our journey towards the international financial services hub envisioned in our Vision 2030” , President Kenyatta said.
The President’s remarks were contained in a speech delivered on his behalf by the Head of Civil Service, Dr. Joseph Kinyua, on Monday at the official launch of the Nairobi International Financial Centre.
President Kenyatta said he was pleased that the Nairobi International Financial Center was designed as an efficient and predictable business environment to give more confidence to large pools of global capital who have watched Kenya’s progress but have yet to take the decision to invest.
“We know that investors have options and we want them to actively choose Kenya. The Center has played and will continue to play an important role in promoting the initiatives described above to target investors,” the President said. Kenyatta.
The Head of State stressed that through the International Financial Center, the Government will create an ecosystem that supports the financial structuring of business in the country.
The President cited full automation of business registration services, automation of land registration processes, adoption of electronic payment and filling services at the High Court as some of the reforms that helped create an environment conducive to business prosperity. .
“We have also automated and streamlined tax payment and redesigned import and export processes, to reduce costs and improve efficiency at our ports,” the president said.
President Kenyatta said the country’s ecosystem of green economy institutions and business innovators had already created momentum through the development of the green bond framework in Kenya.
The president noted that the center’s focus on attracting green finance is also a strategic enabler of the country’s broader green economy strategy, including developing green manufacturing capacity by connecting manufacturers. energy-intensive to cheaper renewable energy sources.
He added that the National Treasury was working closely with key stakeholders to deepen domestic debt markets and improve pricing and efficiency to reduce the cost of capital for the development of green projects.
“These and other benefits provided Google with a strong reason to open its first African product development center in Nairobi earlier this year. Microsoft has already opened a US$27 million technology center in Nairobi.
“In November last year, the President of the European Investment Bank was in the country to officially open the Bank’s regional center which will cover eleven countries in East and Central Africa. VISA has also opened its first African innovation studio in Nairobi,” said President Kenyatta. .
He challenged the center to attract investments that otherwise would not have been committed by accelerating the development of an enabling investment framework that supports economic growth.
(With contributions from APO)