News

In an impressive display of commitment to environmental sustainability, the greening of the financial system has paved the way for robust green financing. As a result, the energy sector has achieved an outstanding 92% green ability, marking a significant milestone in the journey towards a greener future. Building upon this success, efforts are now underway to transform the transport sector, ushering in a new era of green mobility that aligns with the emerging transport norms.

In a recent development, Hon. Felix Koskei, the Head of Public Service, was provided with an update on the advancements made by Taifa Gas SEZ Kenya Limited, an investor in the economic zone. Taifa Gas SEZ Kenya Limited is currently in the process of establishing a substantial liquefied petroleum gas (LPG) handling facility with a capacity of 45,000 metric tons.

In a significant development for sustainable transportation, the PS, Hon. Abubakar Hassan witnessed the presence of CS Transport and Roads, Hon. Kipmurkomen, as he presided over the commissioning of the first E-mobility class. This groundbreaking initiative was made possible through a partnership between KCB Foundation and UNITAR (United Nations Institute for Training and Research).

We are pleased to report on the latest developments in tax policies and incentives introduced by the government to promote economic growth and attract investments. The recent reforms aim to provide equal treatment to both foreign and domestic companies while stimulating specific sectors, such as manufacturing and healthcare. Below is a summary of the key changes:

In pursuit of advancing agro processing, value addition, and pharmaceutical sectors, the Permanent Secretary (PS) embarked on a visit to the Thailand Food & Drug Administration, a regulatory body ensuring quality assurance for imported drugs and processed food. The meeting resulted in a significant agreement between the two countries to collaborate on benchmarking standards, with a particular focus on facilitating trade in drugs and processed agricultural products.

In a promising development, the Permanent Secretary (PS) had a productive meeting with the representatives from the Thailand Chamber of Commerce, led by Chairman Mr. Sanan Angubolkulp. The primary objective of the meeting was to present Kenya as an open and welcoming destination for business opportunities.

During the recent visit to Thailand, a delegation led by the Permanent Secretary (PS) had a productive meeting with the Board of Investment (BOI). It was observed that currently, the BOI is primarily focused on facilitating Outward Foreign Direct Investment (FDI) rather than Inward FDI.

However, in line with Kenya's objective of attracting foreign investment, the delegation explored opportunities to tap into Thailand's Outward FDI. Specifically, Kenya has set an inward FDI target of $10 billion, and efforts are underway to leverage Thailand's outward FDI.

In Kenya, the government is taking significant steps to enhance investment promotion and facilitation through an amendment to the existing Kenya Investment Promotion Act. The proposed amendment aims to establish the Investment Promotion and Facilitation Act, reflecting the strategic priority of investment facilitation. As part of this process, a Technical Working Group was formed, which included the Permanent Secretary (PS) of the State Department for Investment Promotion.

In a significant development aimed at bolstering Kenya's investment sector, the Permanent Secretary (PS) expressed satisfaction as they officiated the launch of ICIFA College. The newly established college aims to address the need for skilled investment professionals in the country, thereby equipping them with the necessary expertise to redefine and package Kenyan investment opportunities into bankable ventures.

In a notable move aimed at strengthening economic ties between India and Kenya, the Permanent Secretary (PS) Abubakar Hassan, recently hosted a delegation of representatives from the Indian Kenyan business community. Led by Ambassador Mrs. Namgya Khampa, the Indian High Commissioner to Kenya, the discussions focused on increasing Indian investments in the Kenyan economy. With a shared objective in mind, the participants reached an agreement to develop a collaborative framework to facilitate the realization of this goal.