The government has announced plans to introduce the Business Laws (Amendment) Bill, 2024 to improve regulations governing manufacturers, investors, and consumer protection.
The Ministry of Trade, Investments and Industry, in conjunction with the National Treasury, has proposed the Bill, which aims to improve compliance with Kenyan standards, eliminate substandard goods, and promote sustainable business practices.
In a notice signed by Treasury Cabinet Secretary John Mbadi and his Trade counterpart Salim Mvurya, key initiatives include attracting private investments, rationalizing manufacturing incentives, and enhancing the export sector’s performance.
The bill also focuses on harmonizing taxes within the manufacturing industry to ensure a stable business environment.
“Similarly, the Bill seeks to provide for the Central Bank to regulate all credit guarantee businesses, including registration and licensing.”
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“It will also set out the powers of the Central Bank regarding regulation of credit guarantee businesses,” read the notice.
Proposed amendments to various laws include establishing a framework for registering foreign investments, enhancing product traceability, and appointing inspection bodies to ensure compliance with safety standards.
Additionally, the bill seeks to strengthen the accreditation process for foreign conformity assessment bodies and amend the Anti-Counterfeit Act to expedite the handling of counterfeit goods.
Further, the Bill will address occupational safety in remote work environments and promote local manufacturing by mandating that a percentage of public procurement be sourced from local providers.
The introduction of this bill is part of a broader strategy to stimulate economic growth, improve trade dynamics, and enhance the overall business climate in Kenya.
Parliament is expected to deliberate on the bill upon its submission in the days ahead.
