Cabinet approves measures to deepen economic ties, attract foreign investors

By Christopher Owuor
Friday, October 9th, 2020
In summary

 Lewis Njoka @LewisNjoka

The Cabinet has approved a raft of measures aimed at improving the country’s overall competitiveness and to make it attractive for foreign direct investments (FDIs).

This, according to analysts, is a continuation of efforts the government has put in place in the recent past to make the country more attractive to foreign investors.

In a dispatch to newsrooms yesterday, the Cabinet Office said it had also approved an avoidance of double taxation agreement between Kenya and Singapore.

It also approved a memorandum of understanding on cooperation between the Kenya Ports Authority and the Mauritius Ports Authority. 

Also approved was a memorandum of understanding on the establishment, implementation, and management of the East African Community seamless upper airspace.

Fisheries sector

The Cabinet further approved a memorandum of understanding between Kenya and the International Centre for Advanced Mediterranean Agronomic Studies (CIHEAM Bari, Italy) for Cooperation in Agriculture and Fisheries sector.

Gerald Muriuki, an analyst at Genghis Capital termed the efforts by the government to attract foreign direct investment as an ongoing process.

He said over the last few years, the government has worked on improving the business environment, more so, for foreign investors. 

The World Bank Index, in terms of ease of doing business has improved substantially over the last few years,” said Muriuki and  singled out digitisation of registration and documentation of businesses.