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{
    "id": 749590,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/749590/?format=api",
    "text_counter": 70,
    "type": "speech",
    "speaker_name": "Hon. Katoo",
    "speaker_title": "",
    "speaker": {
        "id": 199,
        "legal_name": "Judah Katoo Ole-Metito",
        "slug": "judah-ole-metito"
    },
    "content": "Thank you, Hon. Speaker. Hon. Speaker, I beg to move that the Nairobi International Financial Center Bill, (National Assembly Bill No.5 of 2017), be read a Second Time. As an introduction to this Bill, I would like to comment on a few areas because it is mostly about business and finances. An international financial centre is a location which hosts a conglomeration of companies that offer a wide range of financial services and related activities. Those centers are always characterised by the presence of advanced settlements and payment systems, supporting large domestic economies with deep and liquid markets where both the sources and the usage of funds are diverse and where legal and regulatory frameworks are adequate to safeguard the integrity of the transactions. Generally, that is what an international financial centre is. There are always certain common characteristics that determine a world class financial centre. The presence of an open and fair market in which domestic and foreign investors and financial services providers compete on an equal footing is very essential in terms of the dimension of a world class financial centre. Therefore, some of the characteristics that need to be fulfilled are an open financial market, free flow of capital and convertible currency. The openness to international direct and portfolio investment is very critical. There should also be policies that seek to attract foreign direct investment and there should be a fair and impartial judicial system which is critical to investors. Therefore, every international financial centre must meet those criteria. It is also important to have a sound, reasonable and fair tax regime. Also, it must be able to attract capital and generate funds that support public service. We are talking of a global financial centre. Therefore, some of the characteristics must be met, especially when you are talking about a wide range of currencies from across the globe. Availability of high quality, reliable, modern and appropriate infrastructure and technology is crucial for attracting investment and increasing competitiveness. If you want to become an international financial centre, one thing is key: You must not only be competitive, but also strategic. Above all, you must have an edge above any other competitor within your line of business. Considering the characteristics of financial centres, Kenya has got great potential and many advantages in its plan to develop a major financial centre. Since Independence, Kenya’s economy has been, and continues to be, the largest and most dominant in East Africa, and the third largest in Africa after South Africa and Nigeria. That is very important when we are talking of an international financial centre. Kenya’s businesses are the largest and most developed, and they attract interest from the East African region, the Pan-African region and global brands. As a country, we enjoy large positive balance of trade with East African States. Kenya has got arguably the strongest middle class in the region. Its currency is the most favoured in terms of exchange. According to business magazine The Fortune, published by the Time Inc., Kenya is ranked as one of the seven top investment destinations with growth prospects among emerging economies globally. We are among the top seven fastest growing economies globally. In fact, Kenya has even topped the regional and continental giants; that is South Africa and Nigeria, and has become the most attractive investment hub with friendly environment policies to help foreign and local investments flourish. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}