New laws look to spur economic growth in the country
With an expanding middle class, East Africa has huge potential for economic growth and development through foreign direct investment (FDI) in natural resources and technological innovation.
The World Bank 2015 Ease of Doing Business Report, which compares the business regulations for domestic firms in 189 countries, ranks Rwanda as the top country for ease of doing business in the region, at position 46. Tanzania lies at position 131, Kenya 136 and Uganda 150. As a region there is a need to eliminate regulatory and other hurdles that discourage investment.
Kenya has taken key strides in making it easier to do business by passing key legislation that will change the current business landscape. The signing of the new business laws in Kenya by President Uhuru Kenyatta on 11 September 2015 will go a long way to improving Kenya’s attractiveness as an FDI destination. The new laws include the Companies Act, the Special Economic Zones Act, the Business Registration Service Act, the Insolvency Act and the Finance Act 2015.
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