NAIROBI, Kenya- In a push to modernize Kenya’s business regulations, the Ministry of Trade, Investments, and Industry, alongside the National Treasury, has introduced the Business Laws (Amendment) Bill, 2024.
This bill, which follows extensive public consultations, is set to streamline operations for manufacturers, attract private investments, and enhance consumer protections.
One of the bill’s primary goals is to support the manufacturing sector by providing targeted incentives and reducing operational hurdles.
Through tax harmonization, the bill intends to create a more stable environment for manufacturers, making Kenya a more attractive destination for foreign and local investments.
By fostering a competitive manufacturing landscape, this legislative move hopes to drive long-term economic growth and job creation.
Another highlight of the proposed law is a renewed focus on product quality standards to address the issue of substandard goods.
This includes stricter inspections and improved traceability protocols that will help eliminate counterfeit products from the market, thus safeguarding consumers.
In a move to safeguard both businesses and consumers, the bill would expand the regulatory authority of the Central Bank of Kenya to oversee all credit guarantee businesses.
This expanded role includes responsibility for registering and licensing credit guarantee providers, ensuring these financial institutions meet the country’s compliance and operational standards.
This measure is designed to encourage more regulated and secure access to credit, offering businesses a stronger financial safety net.
By centralizing oversight under the Central Bank, the government aims to reinforce investor confidence and foster a more robust credit guarantee sector, which is key for supporting MSMEs and larger manufacturers alike.
The new legislation seeks to promote local industry by mandating that a percentage of public procurement be sourced from Kenyan manufacturers.
This requirement is part of a broader strategy to boost local production and create jobs, with added incentives to drive sustainable manufacturing practices.
The bill also addresses emerging workplace dynamics, particularly occupational safety in remote work environments, as Kenya’s workforce increasingly adopts flexible work setups.
In addition, proposed amendments to the Anti-Counterfeit Act will accelerate the handling of counterfeit goods, helping to protect consumers and businesses from illegal trade practices.
This move is expected to complement other reforms aimed at enhancing traceability and safety standards, further supporting Kenya’s commitment to upholding high-quality standards in both local and imported products.
