Nairobi, Aug. 16 -- Kenya has lined up drastic changes to its investment promotion law in a bid to seal loopholes exploited by foreigners to compete with local small traders and commit crimes such as money laundering.
Interior Cabinet Secretary Fred Matiang'i says the ministry will be seeking parliamentary approval of amendments to the law, including raising the minimum investment threshold for foreigners.
The Kenya Investment Promotion Act requires foreigners to have a minimum of $100,000 (Sh10.92 million) to obtain an investment certificate that qualifies them for incentives such as investment deductions and tax rebates.
Dr Matiang'i told the National Assembly's Committee on Administration and National Security that the current minimum...