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President Kenyatta rings in trade at London bourse, promotes investment in Kenya

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President Kenyatta rings in trade at London bourse, promotes investment in Kenya

LONDON, 17 APRIL 2018, (PSCU) — President Uhuru Kenyatta kicked off the program for his five-day visit to the UK by presiding over the opening ceremony of the London Stock Exchange.

Speaking after the ceremony, President Kenyatta urged UK investors to increase their investments in Kenya. The UK is a leading investor in Kenya with at least 220 British companies operating in Kenya running business valued at more than 2.7 Sterling Pounds.

President Kenyatta, who was joined by the Secretary State for International Development (DfID) Penny Mordaunt and the Chairman of the London Stock Exchange Group Donald Brydon, said Kenya is open for business and offers the best investment opportunity in Africa.

“Kenya has just recorded the best improvement in ease of doing business. We are inviting more UK companies to invest in Kenya,” said the President. “Kenya is the third most competitive country in Africa with a liberalised economy.”

He said the business environment in Kenya is supported by a strong telecommunication network, a reformed regulatory framework and an efficient aviation network.

The President said London is a strong partner for Kenya’s economy and this was evident when Kenya’s sovereign bond was oversubscribed by more than 7 times a few months.

“The United Kingdom continues to be a valuable economic partner in Kenya’s socio-economic policies,” said the President.

The President, who was accompanied by Trade and Industry CS Adan Mohamed and Foreign Affairs CS Monica Juma said the London Stock Exchange and the Nairobi Securities Exchange have entered into an agreement for dual listing and this will increase business between Kenya and then UK.

He said the National Oil Company will dual list on both NSE and the LSE. Petroleum Principal Secretary Andrew Kamau said he expected the listing to be effected by next year.

Mr Brydon said the London Stock Exchange is real to partner with Kenya on the President Kenyatta’s Big Four agenda for Kenya’s growth especially in affordable housing through securitisation.

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