President Uhuru Kenyatta invites US firms to invest in Lapsset project

President Uhuru Kenyatta Tuesday invited American firms to invest in the multi-billion Lamu Port project, arguing that Kenya had taken measures to make it easier for them to conduct business.

Marketing Kenya for the second time on the sidelines of the UN General Assembly, President Kenyatta said that the country had opened up opportunities for US multinationals to invest in mega infrastructure projects such as the Lamu Port South Sudan Ethiopia (Lapsset) initiative which links the region.

President Kenyatta said that when US President Barack Obama visited Kenyan July, they agreed to pen up business opportunities for American companies and he was making a follow up to firms with the finances and technology to invest in the country and its neighbours.

“I am here to tell you that Kenya is ready for business and we have taken necessary measures to make it easier for you to invest in Kenya,” he said.

CORPORATE COUNCIL FOR AFRICA

He was speaking during a breakfast meeting with American firms which have come together under the umbrella of Corporate Council (CCA) for Africa at the Waldorf-Astoria Hotel in New York.

The CCA, which has more than 170 multinational companies on board, is a non-profit membership organisation established in 1993 to promote business and investment between the US and Africa with a focus on infrastructure, energy, agribusiness, security, power, health, ICT and finance.

President Kenyatta described the Lapsset project as a pillar of his government’s development of the country’s infrastructure which has immense opportunities for American firms to invest.

“The key component of our infrastructure vision is the Lapsset which links all countries in the region and eventually link us to the West Coast of Africa. This creates opportunities for American investment,” he said.

INVESTMENT OPPORTUNITIES

He said opportunities also exist for the American firms to invest in thermal energy and mining which he said will soon get under way.

The President said that a raft of laws touching on investment and business establishment such as Companies Act have been passed to remove the hurdles which made it difficult to start and operate business in Kenya.

“What we have done is to simplify the business environment by removing the red tapes which hampered business establishment. You can register your company in Kenya, manufacture your goodS and access both the local and foreign markets unlike before when you had to choose one,” he said.

PUBLIC PRIVATE PARTNERSHIPS

He said the establishment of the Public Private Partnership (PPP) policy had changed the business environment, bringing on board private funds to finance projects which serve the public.

“We hope that the Lapsset project will be the first to be undertaken on a PPP basis. We have already agreed with Uganda on the best route it should take and we welcome business people to come on board,” he said.

He said he expects the construction of the Standard Gauge Railway (SGR) from Mombasa to Nairobi to have been completed by the end of 2017.

“We have already agreed to extend it to Naivasha in Rift Valley where geothermal opportunities are plenty. This makes Kenya an even More attractive destination for investment,” he said.

US-KENYA DEALS

US Undersecretary of Commerce for International Trade Stefan Selig said a number of agreements were signed between Kenya and America during President Obama’s visit to invite firms to participate in Kenya’s infrastructure projects.

“The US government has taken a position to support your infrastructure development and companies seated here are ready to invest in the projects,” he said.

CCA’ boss Steve Hayes said they focus mainly on infrastructure and have been working closely with the Kenya Private Sector Alliance (KEPSA) which also houses their offices in Nairobi.

He assured President Kenyatta that representatives of the firms which attended the breakfast meeting were ready to work with the government and investment in the various mega projects with were being undertaken.

“We have been in Kenya for two years and we work closely with the Kepsa, the Kenya National Chamber of Commerce and Industry and the Kenya Investment Authority. Our focus has been on infrastructure, especially the Lapsset,” he said.