Interior Cabinet Secretary Fred Matiang’i is pushing for reforms on having the minimal investing threshold for foreigners raised.
This is after the Harun Aydin fiasco that saw the Turkish businessman deported on allegations of being associated with money laundering and terrorism.
Matiang'i, while addressing the National Assembly’s National Security Committee, noted that the growing economy required extra scrutiny on foreign investors' rules.
This is to avoid exploitation by foreigners in the future and ensure those who get the work permit Class G have been properly vetted.
The investment promotion law will also see Kenya close loopholes exploited by foreigners giving unfair advantages over local small traders.
Matiang’i is seeking parliamentary approval on the bill to see that foreigners coming to the country are trustworthy and do not use malicious means like money laundering.
According to the Kenya Investment Promotion Act, the current minimum investment amount is Ksh10.92 million ($100,000) for foreigners to obtain an investment certificate.
The investment certificate qualifies foreigners for government incentives when operating in the country.
According to advisory firm AIB-AXYS, the foreign investors pulled Ksh4.69 billion from the trading stock in the NSE.
Kesses MP Mishra Swarup agreed with the Interior CS - suggesting the minimum threshold to be increased by tenfold - Ksh100 million.
This Investment promotion proposal will see the protection of local small traders and increase good practice.
This will increase the number of job creations and enlarge the country’s economy.
