Mombasa Senator Mohammed Faki has stated that Kenya has investor-friendly legislation that makes it easier for investors to do business in the country.
Speaking to the media, Faki emphasized that the current laws enable investors to operate without unnecessary hurdles.
Faki explained that the legislation allows investors to buy and sell commodities abroad without imposing any taxes on their investments.
Regarding Export Processing Zones (EPZs), he noted that investors can import raw materials tax-free, which he views as an added advantage to the investors
“With the current legislation, investors will find it easier to source materials from abroad without facing taxation,” Faki said.
Faki also addressed the African Growth and Opportunity Act (AGOA), which requires African countries to meet certain conditions before engaging in trade with the United States.
He acknowledged that AGOA had previously posed a challenge for EPZ investors but pointed out that the revised laws have resolved these issues.
“Now, investors can access the AGOA market without facing additional taxation,” he added.
Furthermore, Faki highlighted Mombasa’s strategic location as a prime investment destination. He pointed out that the city has deep harbors and well-developed infrastructure, which makes it easy for investors to transport goods and conduct business.
“Mombasa is a central hub for investors,” Faki concluded.