KEY NOTE ADDRESS BY

PHYLLIS KANDIE, CABINET

SECRETARY, MINISTRY OF EAST AFRICAN AFFAIRS,
COMMERCE AND TOURISM AT THE KENYA INVESTMENT
AUTHORITY BOARD OF DIRECTORS INAUGURATION
CEREMONY, 11TH AUGUST, 2015, 4TH FLOOR KENINVEST
BOARDROOM.
Ms.
Anne
KirimaMuchoki,
Chairperson,
KenInvest
Members of the KenInvest Board of Directors,
Dr. Moses Ikiara, Managing Director, KenInvest
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 Members of the Fourth Estate;

Ladies and Gentlemen,

It gives me great pleasure to be here today to officially
inaugurate the newly appointed Board of Directors of Kenya
Investment Authority (KenInvest). Thank you Chairperson, Anne
Kirima, Managing Director and Staff for working seamlessly
without a Board.
Ladies and Gentlemen,
1. As you are aware, for us to realize the Kenya Vision 2030
goal of being a newly industrializing country, the economy
must grow. This requires enough quantity and quality of
both private and public investment. Currently, the
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investment to GDP ratio is estimated at about 24%, and

our target is to increase this ratio to at least 32% within
the shortest time possible in line with Vision 2030. This
calls for unprecedented focus in growing investment as a
key input in driving economic growth, creation of job
opportunities required by our youth; higher incomes for
Kenyans; and elimination of poverty.
2. Kenya has become one of Africas top 10 economies after
the country improved the method of measuring its gross
domestic product (GDP) in Oct 2014. Kenya's economic
output was calculated to be $55.2bn in 2013 after
rebasing, up from $44.2bn; propelling the country to be
among the top 10 of Africa's largest economies. The
rebased growth implies that GDP growth in 2013 was
revised to 5.7% up from 4.7%. GDP has since reached
about $58.1 billion in 2014. The rebasing exercise means
debt levels fell as a proportion of GDP. Indeed Kenyas
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Foreign Direct Investment inflows in 2013 stood at USD

514 million compared to USD 259 million in 2012, which
was a 98 per cent increase. This grew by a further 92.4%
in 2014.
FDI inflows to Kenya have consistently gone to
transformative industries such as service industry,
manufacturing and technology based sectors. Although
our major source markets have been the United Kingdom
and the United states, recent data have shown increase in
inflows from Nigeria, China, India and South Africa.
3. KenInvest is expected to play a crucial role in promoting
and facilitating private investments. This financial year
KenInvest has committed to launch the One Stop Centre
(OSC) to facilitate investors and provide seamless and
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efficient services, bringing together under one roof

government ministries and agencies involved in
investment facilitation. Together with my ministry the
KenInvest team are also developing a comprehensive
national investment policy that will consider the
attractiveness of incentives we are currently offering and
other important aspects such as local content and joint
ventures. These are the top priorities that I have set for
KenInvest this financial year.
Ladies and Gentlemen,
4. Am delighted to inaugurate this Board which I expect to
guide KenInvest to become a world class organisation that
promotes Kenya as the preferred investment destination.
The expertise and experience of this collective group, we
believe, leaves KenInvest positioned to realize these goals.
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5. The composition of this Board sets a very strong

leadership foundation and we couldnt be more pleased
with these appointments. Each of these individuals deep
professional backgrounds and passionate commitment will
bring insightful perspectives to KenInvest.

Distinguished Guests,
6. Before I conclude, allow me to reiterate the Jubilee
Governments commitment to private sector growth and
ease of doing business. As the private sector leaders in
the Board can confirm, H.E. The President has held several
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meetings with the private sector under the banner of

Presidential Round Table aimed at working out a
common agenda with respect to resolution of investor
issues. The Government is committed to making sure that
investors

enjoy

the

best

investment

and

business

environment in Kenya.
7. My assurance to all investors is that our Ministry is ready
to offer technical support in all aspects of investment
promotion including but not limited to profiling and
packaging the available investments as well as exploring
other issues required in order to attract investments. We
will be reaching out to investment banks and development

partners to assist KenInvest to profile and package

investment opportunities in different counties.

It is now my great pleasure to declare this Board

officially inaugurated. Utmost diligence, leadership,
integrity and corporate governance are expected from
you. Thank you and God Bless You.