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{
    "id": 44834,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/44834/?format=api",
    "text_counter": 13,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "We need to appreciate that Kenyan firms are investing heavily into the East African Community region and stand to benefit from the ongoing integration efforts. According to the Ugandan and Tanzanian investment authorities, Kenya is among the top ten sources of FDI into Uganda, with 27 licensed investment projects worth US$158 million, and the second largest in Tanzania. Mr. Temporary Deputy Speaker, Sir, I would like to point out that for a long time, we have not had accurate data on FDI flows into Kenya. I am, however, happy to report that the Kenya National Bureau of Statistics has conducted a baseline survey which is to be published soon. Preliminary information indicates that previous sources of FDI data understated the actual amounts of inflows. The results also show that FDI to the East African Community region by Kenyan firms was almost ten times higher than those of firms in the East African Community into Kenya. (b) The Government has undertaken various measures to improve the investment climate and to encourage FDI inflows into Kenya. These measures include: (i) maintenance of a stable micro-economic environment following implementation of prudent fiscal and monetary policies under the Economic Recovery Strategy (ERS). The economy has witnessed improved situation. Economic growth rose to reach 7 percent in 2007, while interest rates and inflation remained fairly low and stable. Hon. Members will agree that this has resulted in improved resilience of our economy as witnessed over the last three years when Kenya steered out of multiple shocks, including post-election violence, high energy and food prices, global economic and financial crisis and severe drought. (ii) implementation of massive investment programmes relating to expansion and maintenance of infrastructure, especially roads and energy; (iii) broadening and deepening of structural reforms to reduce the cost of doing business; key among these is the business licensing reforms that started in 2005 and has resulted in elimination of over 100 licences and simplification of another 600 licences. In addition, the Ministry of Finance, established a Business Regulatory Reform Unit to keep track of all regulatory and licensing regimes in Kenya and ensure that new regulations, licences, fees and charges do not create unnecessary burdens on business and conform to international best practices. Thank you."
}