Kenya’s marketing campaigns in international and domestic exhibitions, including the US, attracted Sh117.8 billion in fresh investments for the year ended June 2024, a fresh government progress report shows, surpassing a target of Sh100 billion. The value of investments as a result of State-sponsored campaigns abroad and locally represents a growth of 57.68 percent over Sh74.71 billion in the prior year, according to the State Department for Investments Promotion. The ventures that set up shops helped create 12,061 jobs, the report states, more than double the 5,638 employment opportunities created the year before.The jobs exceeded the 10,000 goal by 20.61 percent. “The 2023/2024 target surpassed due to increased campaigns and information dissemination to investors that grew FDI [foreign direct investments] inflows,” the Investments promotion department wrote in the progress report which will form the basis for budget allocation for the next financial year from July 2025.The minimum capital for foreigners is set to shoot to $500,000(Sh64,698,994.86), while that for local firms will be Sh5 million under proposed changes to investment promotion laws. Nairobi was the darling of foreign investors seeking to set up operations in Eastern and Southern Africa in the 1960s and 1970s. However, a past analysis of the country’s investment landscape by the United Nations Conference on Trade and Development (UNCTAD) suggested a considerable number of big-ticket investors have been discouraged by “poor economic policies and inconsistent efforts at structural reforms, growing problems of corruption and governance, and the deterioration of public services have discouraged FDI since the 1980s”.Kenya has tapped the UNCTAD to develop a one-stop online platform for investors seeking to set up shops in the country which, on completion, will integrate business registration systems at national and county levels. “The system will connect with existing government databases such as the eCitizen portal [for business registration], the Kenya Revenue Authority’s iTax system, and county government portals.This integration will enhance the functionality of existing platforms, making it easier for businesses to navigate the regulatory environment,” UNCTAD wrote in the World Investment Report 2024 in June. “Although some applications can be completed online, the lack of integration among systems adds significant barriers for investors and entrepreneurs. (ICE NAIROBI)

Fonte notizia: Business Daily