Kenya to scrap work permits for Hong Kong investors — but only under one condition
Hong Kong is one of the biggest financial hubs in the world and Kenya is keen to tap its expertise.
Kenya Investment Authority (KenInvest) Managing Director Moses Ikiara, on Tuesday said talks are underway between the Trade Ministry and Immigration Department to scrap fees for the investors if they put their money in the telecommunication or textile industries.
“The Ministry of Trade is in talks with the Immigration Department to see whether we can attract Hong Kong investors by abolishing charges on work permits for them. We want to come up with all kinds of incentives to attract them here,” said Dr Ikiara.
Should the proposal come into force, the investors will only pay Sh10,000 ($100) to secure a work permit.
In 2016, Kenya's exports to Hong Kong stood at Sh1.6 billion while imports were worth Sh6.3 billion from the Asian territory.
Kenya exports leather, vegetables, fish, and tobacco to Hong Kong and imports telecommunication equipment, cotton fabrics, and computers.
Hong Kong is ranked number three in the world in FDI outflows, with Sh62 billion going out to foreign countries in form of investment.
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