The Ministry of Mining Principal Secretary Dr. Ibrahim Mohamed, has called on global investors to tap into the attractive investment opportunities and incentives that the Government of Kenya is offering in the country’s mining sector.
Speaking at the Africa Down Under (ADU) Mining conference in Perth Western Australia, Dr. Mohamed said, “like many African countries Kenya is endowed with great under explored mineral wealth that is yet to fully be exploited for the benefit of the people of Kenya, stakeholders and investors in the extractives sector.”
The Principal Secretary highlighted some of the major mining attractions that afford a conducive and sustainable atmosphere in the country including the Mining Act 2016. “We now have 14 regulations under the Mining Act 2016 that seek to facilitate the implementation of the Act, The Mining Policy and related regulatory frameworks”, he added.
Kenya today is a more attractive destination having been reported as the third most improved economy in the 2016 World Bank ease of doing business report. Similarly, the country’s strategic location Kenya the gateway to East and Central Africa through international connectivity bend the world. In addition, he emphasized that the government of Kenya has invested heavily in infrastructure such as the road network, the recently launched Standard Gauge Railway (SGR) and an expanded, modern harbor at the Port of Mombasa. This coupled with a diverse mix of energy like geothermal, wind to complement the already existing thermal and hydropower have catapulted Kenya’s attractiveness and ranked it the most attractive Foreign Direct Investment destination in Africa by pricewaterhouse coopers (PwC) firm.
Kenya’s diverse economy has made it easy for investors to tap into other opportunities such as financial services, technology and industrialization that complement the extractives sector. Kenya is a signatory to international investment related treaties that shield foreign investors from shock including the Multi-Lateral Investment Guarantee Agency (MIGA) which insures investors against political risks, Investment Promotion and Protection Agreements (IPPAs), and the International Centre for Settlement of Investment Dispute (ICSID) among others.
The Africa Down Under (ADU) Conference in Perth W.Australia is an annual event and one of the biggest Mining events worldwide that brings together industry players in the extractives sector for opportunities, partnerships and review of the mining environment. The Kenyan delegation led by the Principal Secretary Dr. Ibrahim Mohamed of Ministry of Mining was among global delegations that pitched to global investors at the high level conference on the milestones and prospects in the Mining sector. Also present at the ADU were His Excellency Isiya Kabira, the Kenyan High Commissioner to Australia who hailed Kenya’s achievements so far made in the Sector.