Nairobi — Deputy President Rigathi Gachagua has assured foreign investors of favorable policies in the country that will ease the constraints in the investment sector.

Gachagua who was speaking during a meeting with visiting Indian Minister for State for External and Parliamentary Affairs Shri Mutaleedharan on Wednesday.

He invited Indian companies to invest in the country adding that the country presents a lucrative front for investments in areas such as manufacturing, housing, agro-processing, ICT and pharmaceutical sectors.

"We invite more Indian companies to invest in the existing opportunities, including affordable housing, agro-processing and value addition, pharmaceuticals and medical equipment manufacture, ICT, creative economy, etc. These sectors are in line with the Government's Bottom-Up Transformation Agenda (BETA). Investment in these particular sectors will help Kenya Government deliver on development priorities," he said.

Gachagua affirmed that the country has improved ease of doing business by putting in place key policy measures, such as ease of obtaining business permits.

He added that automation of all government services and exemptions of all startup companies from paying taxes on unrealized gains on employees allocated shares are part of the government strategies to create a conducive environment for investing.

While wooing the Indian investors to invest in the country, Gachagua explained that Kenya had reviewed the 30 per cent equity shares requirement as well as removal of VAT on export services, a move he says will entrench investments in ICT and other sectors of the economy.