Nairobi — The Kenya Investment Authority (KenInvest) is targeting reducing the bottlenecks that investors undergo when applying for licenses, permits, and approvals.

The draft Kenya Investment Promotion and Facilitation Bill 2023 aims to simplify administrative procedures, enhance transparency, and reduce bureaucratic hurdles.

Through this, it proposes the establishment of a digital one-start-one-go for investment facilitation.

Additionally, it will introduce a comprehensive investment incentive framework to attract and retain investors in priority sectors.

If enacted into law, it will replace the first Investment Promotion Act that was adopted in 2004.

"The vision behind this new Bill is to have a responsive Bill that caters for investors' best interests whilst balancing the benefits to both the public and state," Sally Mahihu, Chairperson of KenInvest, said during the 3rd public participation meeting of the Bill in Kisumu County.

"With the ambition to attract high quality investments into the country, this Bill seeks to attain economic growth through capital attraction, skills and technology transfer as well as employment creation," Mahihu said.

June Chepkemei, Managing Director, KenInvest, said that the exercise being done in different parts of the country will give Kenyans an opportunity to interrogate the proposed Bill and make submissions on their views for consideration.

She also emphasized the need for citizen involvement in policymaking and implementation so as to strengthen and deepen good governance.

"We want to tailor our Legislation to emerging changes, standardize the legal and regulatory environment for investment as well as align them to the constitution," she noted.