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Kenya backtracks, drops plan to raise minimum capital for foreigners
The Ruto administration has cited renewable energy, housing, manufacturing, agriculture, and ICT as the sectors with the biggest potential to attract investors.
Kenya has dropped a proposal to raise the minimal capital threshold for foreigners four times in a bid not to lock out firms in sectors that require knowledge more than cash injection, pointing to a gruelling competition to win over multinationals.
The Kenya Investment Authority (KenInvest) said it had dropped its earlier proposal following stakeholder engagements. The State agency, which is tasked with promoting and facilitating investments, had early last year sought to raise the minimum capital injection for foreign firms seeking to set up shops in Kenya to $500,000 (Sh64.6 million) from the current $100,000 (Sh12.9 million) through draft Investment Promotion and Facilitation Bill 2023.
