Kenya woos American investors

Kenyan government officials and business stakeholders made a passionate pitch in Washington, DC, on Wednesday for increased investment by US companies.

A day-long conference dubbed “Doing Business in Kenya” featured presentations by three Cabinet secretaries as well as the country's acting US ambassador and several American and Kenyan business executives.

Keynote speakers and panellists were unified in highlighting the "beautiful story of Kenya.” Attention was directed to the country's economic successes and beckoning opportunities. National problems, including insecurity, were acknowledged but emphasis was placed on progress toward solving them.

Stephen Hayes, head of the US Corporate Council on Africa, described Kenya as “the linchpin” of East Africa. He referred to Nairobi as “the thriving business centre of Africa, along with Johannesburg and to some extent Abuja.”

“If you're going to do business in Africa, Kenya is almost a requirement. Kenya's importance continues to geometrically expand for us,” he said.

Mr Hayes' organisation, which co-sponsored the conference along with Kenya's Washington embassy, represents almost all US companies operating in Kenya. He told his council members and prospective investors that the recent spate of terror attacks should not scare them off Kenya.

Noting that every country in the world faces security challenges, Mr Hayes said the Kenyan government “is doing an outstanding job” in addressing them.

Foreign Affairs Cabinet Secretary Amina Mohamed enumerated a series of large-scale projects and initiatives intended to accelerate the country's development and facilitate investment.

She cited expansion of the port of Mombasa to accommodate larger cargo ships, upgrading of terminals at Jomo Kenyatta International Airport and the launch of a one-day process, via mobile phone, for registering a new company.

Ms Mohamed also described the heavy demand for Kenya's recent $2 billion (Sh176 billion) Eurobond as “a milestone and a stepping stone to emerging-market status.”

She said US investors accounted for two-thirds of the subscribers to the bond and the enthusiastic response to Kenya's debut in the international financing market was a clear manifestation of investor.

Ms Mohamed told the conference that Kenya is committed and determined to win the global war on terror assisted by partners, including the US.

Energy Cabinet Secretary Davis Chirchir listed various mega projects in the energy sector, including geothermal power development, oil and gas, exploitation of coal energy in Kitui and construction of an oil pipeline from Turkana to Lamu.

“We are not very happy with our World Bank ranking on doing business,” said East Africa Community, Commerce and Tourism Cabinet Secretary Phyllis Kandie. On the basis of data gathered last year, the bank ranks Kenya 129th out of the 189 countries included in an ease-of-doing-business index.

“We are working on it, and you will see results in a short time,” Ms Kandie said.

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