Kenya

2 Chapter Investment Environment

    • Investment environment in Kenya ~ Looking from the questionnaire ~

      Current status of business environment From 2016 (questionnaire) The World Bank and the International Finance Corporation (IFC) jointly announce "the current state of business environment 2016" in 2015. I will look at Kenya's evaluation of the world from this questionnaire. Ranking in Kenya is 189 in the overall ranking and 108th in the region (136th in 2015). It is lower than Egypt (131th), Nigeria (169th), which is low compared with South Africa (73th place), Tunisia (74th place), Morocco (75th place) etc. where economic development is expected in Africa It is.

    • Financial (stock) market

      The Nairobi Stock Exchange (NSE) is the fourth largest market in East Africa and Africa, with its long history with its whole body in British colonial era. In the past, foreign investors including the UK were mainstream, but domestic investors are increasing with the recent economic growth. Although it increased rapidly from 2012 to 2013, the downside trend of stock prices continues with the peak in mid-2014. Market market capitalization is US $ 19.4 billion as of February 2016. Also, as part of economic integration in East Africa, there is planning integration with Tanzania's Dar es Salaam Stock Exchange, Uganda Stock Exchange and Rwanda Stock Exchange, and in 2004 the East African Stock Exchange Association (EASEA) told Nairobi It was opened.
       

    • Exchange rate

      Economic management in Kenya is basically liberal. In principle, domestic and foreign capital transfers are free, and currencies are subject to a floating exchange rate system. In recent years, inflationary pressures are high on a regular basis, the deficit of the twin of the current account balance and fiscal balance has continued. In November 2011, the central bank turned to a bold high interest rate policy, raised the policy interest rate slightly up and down in the 6% range to 18% and then gradually reduced it. Along with the rapid rise and fall of the policy interest rate, Kenyan Shilling has become relatively calm through a rapid decline and rise. However, from the second half of 2015, with the shrinking monetary easing in the US, the Kenyan Shilling came to be in tone again, and the central bank raised the rate for the first time in 27 months in 2015, becoming 11.5% (as of February 2016).


       
      The exchange rate as of January 24, 2016 is Kenyan Shilling at 1 US dollar = 100.87.

    • Foreign direct investment amount (FDI)

      Foreign direct investment in Kenya has grown more than ten times over the past decade. In 2007 it was the highest ever US $ 700 million due to privatization of Telecom · Kenya and large investment in railway construction. Thereafter, there was a time to dust back to the investment boom in Uganda and Tanzania, but in 2013 it surpassed US $ 500 million and in 2014 it rose to about 1 billion US dollars. By country / region, infrastructure investment from China has overwhelmingly increased in recent years, in addition to Western countries such as the United Kingdom and the United States that have been investing in Kenya for many years. Investment from information related investment in India, hotel / resort development investment from Middle East oil-producing countries, South Africa and other emerging African countries is also active. It has transformed into not only ODA and FDI from developed countries but also investment target countries from diverse countries and regions.
      As a characteristic of recent investment projects, oil fields were discovered in the northern part of Kenya, and there are many investments for exploration and resource development. In addition, due to growth in domestic consumption accompanying economic growth, automobile manufacturers, consumer goods, and distribution companies are entering more and more, and the contents of investment are also increasing in diversity.


      出所： UNCTAD
       

    • infrastructure

       
      According to the World Economic Forum's "The Global Competitiveness Report 2015-2016", the comprehensive evaluation of Kenya's infrastructure is 63 th among 140 countries. After Morocco 55th place, South Africa 59th place, Africa is a country where infrastructure is relatively well-organized. Evaluation of each infrastructure is at road 60, rail 72, port 63, airport 49, power 97, fixed telephone 130, mobile phone 122. ■ Railway
      The railway in Kenya has been deteriorated for more than a century since it was built during the British colonial period, but it is about to be greatly renovated. In November 2013, construction of a 480 km long new line connecting Kenya's second city of Mombasa facing the Indian Ocean and the capital city of Nairobi was decided. A state-owned enterprise in China receives an order of 90% of the total construction cost of 3.8 billion dollars, starting construction in October 2014, aiming for completion in 2018. Travel time between Mombasa and Nairobi that took more than 12 hours will be sharply shortened to less than 4 hours, which is expected to greatly increase the movement of people and goods, and greatly reduce the distribution cost. There are also East African New Railway Projects that extend and connect to neighboring countries in Uganda, Rwanda and South Sudan, and there is great expectation for maintenance as a major transportation route connecting inland countries and overseas, and logistics in Kenya in East Africa It is said that the role as a hub will be further strengthened.
       
       
       
      ■港湾
      インド洋に面したモンバサは東アフリカ最大の港湾都市です。ケニアのみならず、東アフリカ共同体（ケニア、タンザニア、ウガンダ、ブルンジ、ルアンダ）や南スーダン、コンゴ民主共和国などの内陸各国につながる貿易・海運の玄関として重要な位置を占めています。ケニア政府は、モンバサ港をよりダイナミックな東アフリカ物流ハブとして、「北部回廊」からインド洋へとつながる国際港湾として強化していくとしています。
      すでにキャパシティーを越えていると言われるモンバサ港の貨物取扱量の増強のため、新規コンテナターミナルの建設が日本政府は円借款によって行われています。年間75万TEU程度のコンテナ貨物取扱量が、2016年までには120万TEUにまで引き揚げられることになります。また、「北部回廊」の起点としてモンバサ港周辺道路整備、隣接地での経済特区の整備も進められており、海運、陸運、生産拠点が一体整備されることによる投資環境の向上は非常に大きいと言えます。

      ■空港
      ケニアには国際空港の他に多くのローカル空港があります。主要な国際空港は、ナイロビのジョモ・ケニヤッタ国際空港、第二の都市モンバサのモイ国際空港、西部の中心都市エルドレッドのエルドレット国際空港、ビクトリア湖に面した第三の都市キスムのキスム国際空港です。
      ケニアの国内・国際線航路利用旅客数はこの10年で1.5倍に伸びています。特に、ナイロビのジョモ・ケニヤッタ国際空港は東アフリカ最大の空港で、ナイロビ中心街から16キロメートルほどに位置します。経済成長にともない利用者が急増しており、中国の政府借款によってターミナル拡張工事が進められています。
       

      出所：世界銀行

       

      ■道路
      ケニアには14,000キロに及ぶ道路があると言われていますが、舗装されている道路は主要幹線道路の一部に限られ、幹線道路でも未舗装の区間があります。舗装率は全体の1割程度とみられています。また、舗装状況も良好ではない場合が多く、保守管理に関する課題もあります。
      一方、ケニアの物流の9割以上がトラックなどの道路輸送によるものですので、道路整備は物流環境を大きく左右します。ケニア政府はインフラ整備の重点項目として道路整備を進めています。
      さらに、ウガンダ、コンゴ、エチオピアなどの内陸国にとってもケニアの輸送環境の向上は重要で、特に国際港モンバサを起点とする「北部回廊」は東アフリカの物流動脈となるものです。世界銀行と UNECA （国連アフリカ経済委員会）が中心となりドナー国の協力のもと、サブサハラアフリカ交通政策事業（SSATP: Sub-Sahara Africa Transport Policy Program）の一環として位置づけられ整備が進んでいます。
      　また、ナイロビでは人口の急増と経済成長による自動車の普及によって、交通渋滞が深刻な事態となっています。そのためケニア政府や、バスや鉄道などの大規模公共交通の導入、未接続の幹線道路の完成、高速道路の建設など、さまざまな方策で講じています。2012年には日本のODAによりナイロビ西部環状道路が完成し、渋滞の緩和に効果をもたらしたと言われています。

      ■電力
      ケニアの一般家庭ではエネルギー源として灯油、薪、木炭が多く使われており、都市部では電化が5割近くにまで進んでいますが、農村部では一桁台留まっています。しかし、経済成長にともない電気の普及率は向上しており、電力需要が年率で5％以上の割合で増え続けています。ケニア政府は2030年までに電化率を70％に引き上げることを目標として、発送電設備の整備に取り組んでおり、今後はさらなる電気需要の増加が見込まれることになります。
      もともと化石燃料を産出しなかったケニアでは、化石燃料による発電は3割強で、水力が約45％、地熱が約2割にもおよびます。水力発電は乾季にダムの水位が下がり安定した電力が得にくいため、化石燃料を輸入して発電したり、エチオピアなどから電力を購入したして補完しています。そのため電力コストが高く、需給は逼迫している状況にあり、官民あげての電力インフラ整備が優先事項として進められています。
      ケニアのエネルギー事情の優位性はクリーンな代替エネルギーである地熱エネルギーにあります。地熱エネルギーが豊富な「東アフリカ大地溝帯」に位置するオルカリアでは、すでに3つの地熱発電所が稼働しています。また、地熱発電率を2030年までに30％にする計画のもと、日本のODAなどによる358 MWの発電能力を持つ新たな地熱発電所が2014年に稼働開始し、世界でもっとも地熱発電能力が増加した国となりました。
      Communication Mobile phones have spread explosively over the past few years and have a penetration rate of 73.8% (2014). It is said that more than 90% of the population is covered by Safaricom, Telecom Kenya, Airtel, Essar Telecom 4 companies. The mobile remittance "M - PESA" by Safaricom is rapidly expanding, and a new business style targeting the use of new retail finance that does not have an existing bank account has attracted attention. The penetration rate of the Internet is nearly 40%, the highest in the East Africa region, the Kenyan government announced the "National Broadband Strategy (NBS)" in 2013, develops the nationwide broadband network, and the information and knowledge intensive economy We are trying to base it.
       

      出所：ITU (International Telecommunication Union)
       

      Source: ITU (International Telecommunication Union)

    • Regulations and incentives

       
      ■ Regulation Kenya has been focused on liberalization of the economy from an early stage, and investment restrictions on foreign capital are very limited. [Minimum Investment Amount] The minimum amount for foreign investment to obtain a new investment permit is 100,000 US dollars or more (Investment Promotion Act 2004. However, the minimum amount is set in the Export Processing Zone (EPZ) Is not ... [Regulated industry] Below, only three industries are regulated industries, regulations are set for the shareholding ratio etc. In other industries, there is no restriction on the shareholding ratio etc.
       
      For * 3 industries, when listing on the Nairobi Stock Exchange, the maximum shareholding ratio by foreign capital is 75%. In other industries there is no regulation.  [Acquisition and possession of land] In principle, acquisition of land by foreigners or foreign capital is limited to lease transactions in principle and the lease term is up to 99 years (as long as the indefinite land holding is limited to Kenyans or Kenya capital (in principle) Land Management Act: Land Control Act). Regarding agricultural land, lease transactions are said to be possible if president's approval is obtained, but in reality it is difficult to approve because it is difficult to approve.  Investment preferential treatment
      In 2005, the "Investment Promotion Law" came into effect, and it is stipulated that it promotes investment by foreign capital. The Kenyan Government has taken preferential measures to encourage investment in various fields such as technology-intensive industries such as IT, natural resource development such as exploration, agricultural promotion, infrastructure improvement (water and sewerage, electricity, communication, housing etc.) It is. In addition, the Kenya Investment Authority (KIA: Kenya Investment Authority) has been established, has established a one-stop service center, and provides various support to promote investment from inside and outside. Preferential treatment for foreign investment in Kenya is preferential treatment (Export Processing Zone Agency) in the export processing zone (EPZ: Export Processing Zone), preferential treatment by the tax exemption measure (Competent Authority: Kenya Revenue Agency :).
       
       
       
       
      [Export Processing Zone (EPZ)] Entry to EPZ requires a license by the Export Processing Zones Authority, and there are multiple licenses such as EPZ enterprises license, EPZ developer / operator license. Except for some (EPZ commercial license), you can receive the following preferential treatment. The EPZ is also located in the Ati River area, 25 kilometers from the capital Nairobi, Nairobi, Mombasa, northern coastal areas and Rift Valley.