“There are numerous opportunities for investments in agriculture, information and communication technology, tourism, infrastructure development, including roads, railways, sea ports and airports,” he added.
The president mentioned some of the incentives given to foreign investors who invest in Kenya such as guarantee against expropriation, repatriation of capital and profit, 100 percent ownership, and permission to carry forward the loss.
In addition, he said, additional incentives are given such as immediate input, and a 10-year tax holiday.
“In agriculture, for example, Kenya is one of the largest producers of tea and coffee. We are keen on progressing in these areas which will not only bring higher profits to investors but also improve earnings to farmers,” he said.
He said other investment opportunities were in the cotton and apparel industries. Those investors could then take the opportunity of exporting their products to the United States. The livestock and the fisheries industries were two other areas with potential investment venues.
Kibaki said his country was recognized internationally for being a tourist attraction, adding that his government was urging investors from Saudi Arabia to visit his country and see the opportunities firsthand.
He noted how the tourism industry in Kenya was witnessing adequate growth capacity.
“I therefore urged Saudi investors to join us in the development of new hotel facilities, recreation and amusement parks, as well as health centers,” he said.
He also urged Saudi business community to participate in the fast developing manufacturing sector, particularly in sugary refining, engineering manufactory, and assembly of electronic equipment and plastic.
And since infrastructure is crucial to the development of any industry, Kubaki asked Saudi businessmen to take the opportunity to invest in the construction of roads, airports, and railways.
“These can be implemented through a concessions system,” he noted.
Finally, he said investment opportunities existed in the industries of housing, health, and education.
Source: Arabnews
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