In a bid to propel Kenya towards economic prosperity, the Kenya Investment Authority (KenInvest) is set to unveil its third Strategic Plan on Wednesday. This blueprint, spanning from 2023 to 2027, aligns with the government’s ambitious Bottom-Up Economic Transformation Agenda (BETA), Vision 2030, the Fourth Medium Term Plan (MTP IV), EAC Vision 2050, African Union Agenda 2063, and the United Nations Sustainable Development Goals (SDGs).
Building upon the successes of its predecessor, this Strategic Plan places a pivotal focus on facilitating and attracting transformative high-impact investments. The overarching goal is clear: ignite economic growth, foster wealth creation, and generate employment opportunities across the nation.
Reflecting on the accomplishments of the second cycle of the Strategic Plan provides a glimpse into the momentum gained. Milestones include the formulation of the Kenya Investment Policy, the creation of a County Investment Handbook, the establishment of a modern One-Stop Centre, and the facilitation of 799 new investment projects, resulting in over 35,000 jobs and a staggering total capital of Kshs 340 billion.
However, the stakes are higher in the upcoming cycle, with the aim of drawing in a substantial Ksh.1 trillion in investments across all sectors by 2027. The Strategic Plan zooms in on key government priority areas: Agriculture, Micro, Small and Medium Enterprises, Housing and Settlement, and the Digital and Creative economy. This targeted approach aligns seamlessly with the broader objectives of the BETA initiative, ensuring inclusive economic growth.
KenInvest’s strategic pillars for the 2023–2027 period encompass Targeted Investment Promotion, Harmonized Investment Facilitation, Data-Driven Research and Policy Advocacy, and the establishment of an Exemplary Investment Promotion Agency. These pillars underscore the commitment to creating an environment conducive to economic development.
In a move to boost the contribution of Foreign Direct Investment (FDI) to Gross Domestic Product (GDP), KenInvest aims to elevate the FDI-GDP ratio from 19% to an ambitious 24%. The plan also outlines the facilitation of a minimum annual investment of Ksh.2 billion, the implementation of the Kenya Investment Policy, and the operationalization of the proposed National Investment Council (NIC).