Launched Strategic Plan 2023-2027 with implications for foreign investment

On 24 May 2024, Kenya launched Strategic Plan for 2023-2027. The Strategic Plan 2023-2027 aims inter alia to significantly enhance the country's attractiveness for foreign investment, targeting an increase in FDI from $500 million in 2022 to $10 billion by 2027. It outlines a comprehensive approach to creating a conducive business environment, focusing on reforms in key areas such as economic zones, investment products, and stakeholder management. By establishing a clear implementation framework, the plan seeks to streamline processes and ensure effective coordination among various governmental entities involved in investment promotion. The Plan outlines several specific strategies aimed at attracting foreign private investments. • One of the primary focuses is on enhancing the business environment and investment climate through legislative and regulatory reforms. This involves engaging with private sector organizations to ensure that policies are transparent, consistent, and conducive to investment. • Additionally, the Plan emphasizes the development of Special Economic Zones, which are designed to provide regulatory predictability and quality infrastructure tailored to attract FDI in manufacturing and other sectors. By creating investor-ready economic zones, Kenya aims to boost its competitiveness as an investment destination. • Another key strategy is the development of bankable investment products across various sectors. This includes identifying and packaging projects that are appealing to investors, thereby streamlining the investment process. • The Plan also prioritizes fostering an investor-centric culture by enhancing stakeholder engagement and aftercare services to support existing investors. • Furthermore, there is a strong emphasis on building institutional capacity to facilitate investment attraction and ensure effective implementation of these strategies.

• Type:

  • Promotion and facilitation (Investment facilitation )

• Industry:

  • Not industry specific

• Sources:

  • Government Portal, Strategic Plan 2023-2027 , https://www.investmentpromotion.go.ke/sites/default/files/2024-07/SDIP%20Strategic%20Plan%20May%202024%20FINAL%2017.07.24-1.pdf, 17 Jul 2024