Corporate News
Chamber of commerce gets Sh6m reform funds
Handicrafts entering the US must have a certificate of origin from the chamber of commerce indicating that the goods were made by Kenyan businesses so as to benefit from tax rebates. Photo/FREDRICK ONYANGO
Posted Wednesday, August 11 2010 at 00:00
The chamber of commerce is an autonomous body of private companies and manufacturing firms which lobbies governments for conducive trade policies, links investors, locates new markets, trains her members on international trade, and sources for credit facilities for members.
UNDP has already appointed a consultant to carry out reforms at the institution.
“The consultant will go around the country to collate views from business people. The first meeting will take place in Nairobi,” said Mr Ruhiu.
The issuance of the certificates of origin generated 50 per cent of the chamber’s annual income.
Officials say the institution’s operations have been hampered by inadequate funds.
KNCCI’s losses resulting from denial of the authority to issue licenses is estimated at Sh4 million annually.
The organisation charged about 0.25 per cent of the value of the export goods to issue a licence.
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