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.

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 investment threshold was too low given the size of the Kenyan economy.

The committee is investigating the deportation of Turkish national Harun Aydin, an ally of Deputy President William Ruto, for suspected involvement in money laundering despite coming in on a work permit as an investor in solar energy.

Read more: Business Daily