About the Republic of Kenya
Kenya the country of around 38 million inhabitants has enjoyed a long history of economic leadership in East Africa as the largest and most advanced economy in the region. Since 2003, Kenya’s performance in attracting FDI has been marginally better; Kenya enjoyed a banner year in 2007 attracting USD728 million in FDI. In addition, in 2007, IFC ranked Kenya as one of three countries in Africa that had made significant strides in creating a conducive business environment in 2006/07.Kenya is the transportation, communication, and financial hub of East Africa. Agriculture accounted for about 24 percent of GDP in 2007 and employs a majority of the population. Kenya has now fully liberalised its economy by removing all obstacles that previously hampered the free flow of trade and foreign private investment.
Among them were exchange controls, import and export licensing, as well as restrictions on remittances of profits and dividends, all of which no longer exist. These reforms have been painstakingly undertaken by the Kenyan government in order to create the necessary environment to attract foreign investment. The Government of Kenya is taking a variety of steps to create an enabling environment for both foreign and domestic investment. This is in line with the Government’s Economic Recovery Strategy for Wealth and Employment Creation (2003–2007), which is focused on the promises contained in the manifesto of the ruling party, the National Rainbow Coalition (NARC).Priorities are investment in infrastructure and improving access to education and health services.
Also at the top of the agenda are fighting corruption and promoting good governance. Kenya has moderate income and corporate tax rates. The top income and corporate tax rates are 30 percent. Other taxes include a value added tax (VAT) and a tax on interest. In the most recent year, overall tax revenue as a percentage of GDP was 18.4 percent.
Ministry of Trade and Industry
P.O. Box 30151
Chamber of Commerce and Industry
Kenya National Chamber of Commerce and Industry
P.O. Box 47024
Tel: (2542) 220866/7
Fax: (2542) 340664
Kenya Association of Manufacturers
P.O. Box 30225
Tel: (2542) 7406005/7
Fax: (2542) 746028 - c/o GAME WORLD LTD
Export Promotion Board
Kenya Export Promotion Council
P.O. Box 40247