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Published on: December 19, 2023 04:00 (EAT)
Kenya Investment Authority (KenInvest) will on Wednesday launch the 3rd cycle of its Strategic Plan that will be implemented in the next five years from 2023–2027.
The new Strategic Plan is aligned with the Government’s Bottom-Up Economic Transformation Agenda (BETA), Vision 2030, the Fourth Medium Term Plan (MTP IV), EAC Vision 2050, African Union Agenda 2063 and the United Nations Sustainable Development Goals (SDGs).
The Strategic Plan builds on the achievements realized in the previous Strategic Plan and will focus on facilitating and attracting new high-impact investments to spur the economy into wealth and employment creation.
Some of the achievements of the 2nd cycle of the Strategic Plan include developing the Kenya Investment Policy, County Investment Handbook, establishment of a modern One-Stop Centre, creation of over 35,000 jobs, facilitation of 799 new investments projects with a total capital of over Kshs 340 billion.
While this Strategic Plan aims to promote and attract investment totalling Ksh.1 trillion by 2027 in all sectors of the economy, the focus will be on the government’s priority development areas of Agriculture, Micro, Small and Medium Enterprises, Housing and Settlement, and Digital and Creative economy for inclusive economic growth in line with BETA.
KenInvest’s priority pillars in the 2023–2027 Strategic Plan are; Targeted Investment Promotion, Harmonized Investment Facilitation, Data Driven Research and Policy Advocacy and Building an Exemplary Investment Promotion Agency.
KenInvest aims to increase the contribution of Foreign Direct Investment (FDI) to Gross Domestic Product (GDP) from 19% to 24%, facilitate investment of at least Ksh.2 billion annually, implementation of the Kenya Investment Policy and operationalization of the proposed National Investment Council (NIC).
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