Kenya and Morocco have signed a Memorandum of Understanding that will see over 100 investors set up various businesses in Kenya before the end of the year.
Speaking during signing of the agreement, Kenya Investment Authority Managing Director Moses Ikiara said this was one of the clearest signs that more investors are keen to set shop in Kenya due to what he termed as ‘increased investor confidence.’
Ikiara said the agreement will also focus on the foreign investors creating market for local business people in Morocco.
“About two weeks ago, we had a delegation from Mauritius, now we have this one from Morocco, with over a hundred investors. This Friday we are going to have others from the United Arab Emirates (UAE) and the week after we are going to have another from Korea. So many are queuing up,” Ikiara pointed out.
He said most of the investors are targeting the green energy, manufacturing, textile industry, tourism and ICT sectors.
The biggest challenge for the government is to reduce the bureaucracy of issuing business permits; something he says has barred or chased away foreign investors.
“It’s a good story for Kenya and I think we just need to be prepared. To be honest this is time for Africa. We don’t know how long it would take before the world shifts. So we have to be really at our very best to take advantage of the opportunity that is on us now,” he said.
Foreign Affairs Cabinet Secretary Amina Mohamed who witnessed the signing agreement said it was encouraging to see African countries collaborating as it will grow intra African trade which stands at 13 percent compared to over 50 percent in European countries.
She said her ministry was ready to facilitate more trade collaborations between Kenya and other countries by encouraging more businesses in the Counties.
“We have a new Constitution and we have introduced devolved government, taking development nearer to the majority of our people, who live in the rural areas. Kenya’s is a young population, full of potential and human-resource talent. Kenya’s hopefulness and forward-looking spirit are boundless,” she said.
