Kenya says Chinese investments key to realize transformation blueprint

NAIROBI, Dec. 15 (Xinhua) -- Kenya has created a conducive policy and regulatory environment to attract foreign direct investments from China and revitalize growth of key sectors like manufacturing, financial services and ICT, an official said on Wednesday.

Olivia Rachier, acting managing director of Kenya Investment Authority, said that leveraging investments from Chinese firms will help the country realize its long-term blueprint on growth and transformation.

"We are looking at increasing foreign direct investments from China especially in affordable technology to support realization of the 2017-2022 President's Action plan for the next five years particularly in manufacturing and low-cost housing," said Rachier.

She spoke during the launch of the Chinese Enterprises in Kenya Social Responsibility Report 2020-2021 compiled by Kenya China Economic and Trade Association (KCETA), an umbrella body for 107 Chinese firms operating in Kenya.

The report under the theme "New Start New Chapter" noted that in the last two decades, Chinese enterprises have been on the frontline of spurring economic growth, employment creation and support for charitable causes in Kenya.

According to the report, as these companies implemented modern infrastructure projects like roads, railways and ports, they facilitated technology and skills transfer to Kenyan youth.

It revealed that Chinese enterprises have created over 60,000 jobs for Kenyans besides financing construction of schools, health centers, water supply projects as part of their corporate social responsibility.

Rachier said that Kenya is keen to tap into capital and technical expertise possessed by Chinese firms to implement the Big 4 Agenda projects in agriculture, manufacturing, health and affordable housing.

She added that other sectors that collaboration with Chinese enterprises would unleash immense benefits include mining, finance, ICT, transport, infrastructure and energy.

Rachier said that Kenya has rolled out regulatory incentives to attract Chinese investments in export processing zones and special economic zones that are billed as industries of the future.

She noted that more than 400 Chinese companies that have an enlarged footprint in Kenya have supported the country's quest to bridge skills and technological gap which has derailed industrial progress in the country.