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Investment in Kenya ??

25 Feb

investmentTourism is among the top three domestic exports of Kenya along with tea, flowers and coffee.Tourism dominates the services sector claiming 25% in the industry.

Th tourism sector has thrived in a region that is scarred by bad publicity thanks to terrorist attacks and violence.  The US embassy bombing in 1998  prompted countries to advise their citizens not to travel to the East African region and the recently the deadly siege on a Kenyan  Mall .

Tourists mainly from Europe are attracted to the coastal beaches and the game reserves, notably, the expansive Tsavo East National Park and Tsavo West National Park (20,808 square kilometres) in the southeast.This represents potential.

I personally think that there is so much potential for growth in the industry and in the country as a whole. The regulatory environment is also condusive for investement. The Kenyan government is investment friendly and invites foreign participation in that regard.

Looking at this extract from the Kenyan Tourist Development Corporati  website “The Government policy aims at extending facilitation measures in favor of private sector investment through The Ken Invest, which is a ‘one-stop shop’ for the facilitation and processing of foreign investment….Kenya provides the following guarantees to local and foreign investors:

Guarantee Against Expropriation

The Constitution of Kenya provides guarantee against expropriation of private property, which may occur for reasons of security or public interest. In such a case, a fair and prompt compensation is guaranteed.

Repatriation of Capital and Profits

Capital repatriation, remittance of dividends and interest are guaranteed to foreign investors under the Foreign Investment Protection Act (FIPA) – Cap 518. Investors can repatriate:

- After tax profits, including retained profits which have not been capitalized;

- The proceeds of the investment after payment of the relevant taxes;

- Principal and interest associated with any loan.”

An increasingly significant portion of Kenya’s foreign inflows is from remittances by non-resident Kenyans who work in the US, Middle East, Europe and Asia. So in my next post I will be investigating how an prospective investor say a non-resident Kenyan can invest watch your money grow in your home country.

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