Foreign Direct Investment still growth despite insecurity in Kenya

Kenya is registering growth in Foreign Direct Investment (FDI) despite insecurity challenges that have rocked the country.

Kenya Investment Authority Managing Director Moses Ikiara says the country received a total of Sh313 billion in 2013, which was four times more than the amount received in 2012.

"This is despite the fact that 2013 was an election year, as well as the numerous insecurity attacks that faced the country among them the Westgate mall attack," he said.

He said that already, the country has received Sh29 billion as of April 31, 2014 and pointed out that the medium term would look good with manufacturing, agriculture, energy, mining, oil and construction being the leading sectors in Foreign Direct Investment inflows.

"We already are in talks with multinational companies who are set to invest in the country in 2014/2015. Most of them want to make Kenya a hub as they try and make entry into the East African market," he said.

Among the companies set to invest include Carrefour (a French multinational retailer) Radisson Blu and Park Inn Hotel, Business Connexion(ICT service provider based in South Africa), as well as Imperial Health Science (healthcare supply chain based in SA) that is set to invest Sh1.7 billion by 2015.

Ikiara said that the authority is seeking legislation that will require all investments in the country registered with the authority.

Ikiara says this will help the authority in data collection that will guide it in marketing the country as an investment hub.

"We need enough data that can help in decision making, as well as help us track all FDI inflows and outflows," he said.

He said that the one stop shop where business registration will be done has stalled by lack of funds.

"We require about Sh100 million to put up the one stop shop. We have asked for Sh1.1 billion in the 2014/2015 budget, we hope to complete the one stop shop in that financial year.

The authority is also planning to use about Sh600 million in creating a country promotion video in their attempt to market the country.