Kenya Investment Authority (KenInvest) is poised to usher in a new era of economic revitalization with the launch of its 3rd cycle Strategic Plan on Wednesday.

The comprehensive plan, scheduled for implementation over the next five years (2023-2027), harmonizes seamlessly with the government's Bottom-Up Economic Transformation Agenda (BETA), Vision 2030, the Fourth Medium Term Plan (MTP IV), EAC Vision 2050, African Union Agenda 2063, and the United Nations Sustainable Development Goals (SDGs).

Drawing inspiration from the triumphs of the preceding Strategic Plan, the impending cycle is geared towards fostering new high-impact investments, acting as a catalyst for economic prosperity and job creation.

In the 2nd cycle, KenInvest celebrated milestones such as the formulation of the Kenya Investment Policy, County Investment Handbook, and the establishment of a modern One-Stop Centre.

These endeavours culminated in the generation of jobs and the facilitation of new investment projects, amassing a total capital exceeding Sh340 billion.

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The 2023-2027 Strategic Plan, ambitiously targeting Sh1 trillion in investments by 2027 across diverse sectors, places a special emphasis on the government's priority development areas.

These include Agriculture, Micro, Small and Medium Enterprises, Housing and Settlement, and the Digital and Creative economy, strategically aligned with the BETA framework to promote inclusive economic growth.

KenInvest's Strategic Plan hinges on four key pillars: Targeted Investment Promotion, Harmonized Investment Facilitation, Data-Driven Research and Policy Advocacy, and Building an Exemplary Investment Promotion Agency.

The outlined targets set by KenInvest intend to elevate the contribution of Foreign Direct Investment (FDI) to Gross Domestic Product (GDP) from 19 per cent to 24 per cent.

The plan also aims to facilitate a minimum of Sh2 billion in investments annually, fully implement the Kenya Investment Policy, and operationalize the proposed National Investment Council (NIC).

This Strategic Plan's unveiling signifies a monumental stride towards establishing Kenya as an attractive haven for investors, ensuring economic resilience, and nurturing sustained growth over the next five years.

KenInvest's unwavering commitment to these strategic objectives epitomizes a dedicated effort to propel the nation towards a prosperous and sustainable future.