Woo more foreign investors

Removing the Companies Act, 2015 requirement that foreign investments in our country be 30 per cent locally owned would most likely attract investors who are locked out by our laws.

The World Bank says economic recovery from the Covid-19 shocks has been much slower for developing countries such as Kenya, whereby the damage was worsened by poor governance.

The new government has been at the forefront of turning around the economy. But so far Kenyans still face a myriad of challenges due to poor strategies.

The huge public debt, poverty, inequality, severe drought, poor policies, insecurity and political instability, just to mention a few, still define us.

Even though the government is moving towards solving the challenges, it should be focused on reviving the business sector not only within the country but worldwide. Kenya would, for instance, more easily benefit from integrating with global markets and enhancing foreign investment.

Opening up foreign trade and markets would improve the country’s economic performance at all levels of development, creating new opportunities for workers, consumers and firms and helping to uplift millions who are dying of hunger and poverty.

Kenya’s laws, therefore, should regulate foreign companies’ operations so as to raise incomes and improve overall working conditions for traders.

This is the right time for Kenya to encourage more investors since it has one of the highest rates of internet penetration in Africa.

At 72 per cent, it means 32 million Kenyans have internet access. Therefore, it makes it ideal for investment in an internet-driven and knowledge economy. That would open up job opportunities for millions of Kenyan youth.

Mr Rono is a communication and media technology student at Maseno University. [email protected].