The Kenyan government plans to cushion the ripple effect of unfolding global credit crunch to counter possible fall in direct foreign investment into the country.
Kenyan Prime Minister Raila Odinga told local investors during the second roundtable talks on the National Business Agenda of the need for the public and private sector to collectively work out modalities to counter the trickle effects of the tightened global credit conditions.
"It is feared that lower global growth will reduce the demand for African exports. The tightened global credit conditions are likely to lower direct foreign investment and may force investors to flee to other areas," he said.
Odinga reiterated the government's commitment to creating a conducive environment for investment and revealed that the much-anticipated anti-counterfeit bill 2008 was already on the floor of the house and has received overwhelming supports from members of the parliament.
He assured the investors at the meeting also attended by several cabinet ministers that "it is just a matter of time before it becomes illegal to possess manufacture, sell or hire, exhibit, distribute and import counterfeit goods' in the country."
The prime minister also gave a progress report on the government's achievements in meeting goals floated during the first roundtable meeting in which the business community raised concerns and sought the redress over operations in some public offices.
He, however, said the victory of U.S. president-elect Barrack Obama marked the beginning of a new chapter with a myriad of challenges but expressed optimism that the country had the potential to expand her global business empire under the new administration.
Odinga said the government had already address the pile-up menace of shipment cargo at the port of Mombasa after imposing a 24-hour work schedule at the entry point to ease the congestion of goods at the harbor.
The prime minister told the investors that complaints over delays of transit goods from the port were ironed out as unnecessary roadblocks were reduced from initial 47 to 15 but said the number was likely to go down further.
He said the "government has since ensured that customs sealed containers are immediately checked once effectively. Containerized goods are also weighed once and sealed to minimize the duration the cargo from the port to their destinations.
To further counter the cleared cargo pile at the port, Odinga said plans to lay two standard rail lines that was structured to interlink the Great Lake region was sealed after all top government officials from incorporated parties signed the deal.
He said Ethiopia, Uganda, southern Sudan, Rwanda and Burundi had ratified the rail network one of which would traverse the nation from the proposed Lamu harbor through Garissa, Addis Ababa, Juba then to Uganda.
Source:Xinhua
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