Address to a delegation of Chinese Businessmen visiting the Country by PS Abubakar

The Principal Secretary, State Department for Investments Promotions Abubakar Hassan Abubakar addressed a delegation of Chinese Businessmen visiting the Country on a fact-finding mission on mitigating risks in construction projects.
Giving the keynote address on ‘Kenya’s commitment to doing business with China,’ PS Abubakar Hassan informed the visiting businessmen that Kenya’s economy was 92% powered by green energy and driven by a robust, strong, and innovative private sector.
He said that over the past 2 years, the State Department for Investments for Promotion, in collaboration with relevant Ministries, Departments, Agencies (MDAs), and other stakeholders, has undertaken business reforms embedded in the Business Laws Amendment Act of 2024. The Act amended the laws related to Financial Institutions and other connected purposes.
He revealed that the government had implemented several initiatives aimed at fostering investments and improving the business environment. Some of the initiatives include the development of Special Economic Zones (SEZ), which offer tax incentives and tax reliefs.
Similarly, the Government undertakes the provision of infrastructural support such as roads, security, and energy connections to encourage investment in key areas such as manufacturing, agriculture, and technology.
Due to challenges experienced in the past, PS Hassan Abubakar revealed that the government has established a dedicated team to address matters of delayed payments, pending bills, and liquidity risks, which have, over time, strained business operations. Presently, KES. 200 billion in verified payments have been prioritized for payment within a structured timeline. 
A large part of the presentations covered debt recovery strategies for Chinese entities involved in Kenyan projects, tax obligations, dispute resolution mechanisms as well as key considerations when drafting construction contracts. China was the largest developing country investor in Africa and has remained Africa’s largest trading partner for the past 15 years.
Close to fifty visiting businessmen from China were taken through available opportunities in construction & housing, Energy, Oil & Gas, Wind Power, Mining, Roads, and Water Projects, among others. 
The event brought together members of the Kenya China Economic and Trade Association (KCETA) to discuss the mega construction projects in the country.  The collaborations aim to strengthen the growing relationships between the public and private sector players in the two countries.