The Kenya Investment Promotion and Facilitation Bill 2023 has been drafted to address the changing trends in the investment space. Kenya Investment Authority (KenInvest) Managing Director June Chepkemei said the bill has harmonized the regulatory environment for investment and been aligned to the constitution.
Speaking at the conclusion of the public participation forum for the Bill in Isiolo, Chepkemei, said: “The [public participation] exercise was undertaken in different regions across the country to provide an opportunity for Kenyans to interrogate the proposed [Kenya Investment Promotion and Facilitation] Bill and make submissions on their views for consideration.”

She said regional public participation forums, had been held in Nyeri, Kisumu, Mombasa, Eldoret and Nairobi, attended by over 1,200 participants.
“There is need for citizen involvement in policy making 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,” said the KenInvest) Managing Director.
The public participation forum in Isiolo targeted Kenyans in the Frontier Counties.

The Investment Promotion Act which was enacted in 2004, has undergone a comprehensive review. Some of the aspects in the proposed Bill include introduction of a mandatory registration of investors for data capturing and reporting, and alignment with the Kenya Investment Policy of 2019.
In addition, the Bill proposes for establishment of a digital one-start-one-go for investment facilitation to streamline the process of obtaining licenses, permits, and approvals. It also proposes to introduce a comprehensive investment incentives framework to attract and retain investors in priority sectors.
If enacted into law in its current form, the proposed Investment Promotion and Facilitation Bill 2023 will simplify administrative procedures, enhance transparency, and reduce bureaucracies to ensure smooth implementation of investment projects.