Não Composto 5 por dia durante 80 dias. Múltiplos investimentos são permitidos. 5 programa de referência. Min. Investimento 1 USD. Máx. Investimento 49,99 USD. 100 Seguro de seu (s) Depósito (s) ataques de hackers e etc. Não-Compostos 1 6 diariamente por 80 dias. Múltiplos investimentos são permitidos. 5 programa de referência. Min. Investimento 50 USD. Máx. Investimento 99,99 USD. 100 Seguro de seu (s) Depósito (s) ataques de hackers e etc. Não-Compostos 2 7 diariamente por 80 dias. Múltiplos investimentos são permitidos. 5 programa de referência. Min. Investimento 100 USD. Máx. Investimento 1.000 USD. 100 Seguro de seu depósito (s) ataques de hackers e etc Compounded 240 após 12 dias. Múltiplos investimentos são permitidos. Nenhum programa de referência. Min. Investimento 50 USD. Máx. Investimento 99,99 USD. 100 Seguro de seu Depósito (s) ataques de hackers e etc Compounded 1 570 após 25 dias. Múltiplos investimentos são permitidos. Nenhum programa de referência. Min. Investimento 100 USD. Máx. Investimento 1.000 USD. 100 Seguro de seu Depósito (s) ataques de hackers e etc Somos um grupo de comerciantes experientes e analistas de mercado. Depois de anos de negociação profissional, unimos nossas habilidades, conhecimentos e talentos no esforço para trazer uma nova oportunidade de investimento confiável. Como resultado de um cuidadoso planejamento e trabalho conjunto surgiu Forex Investment Fund (FIF), um projeto confiável de investimento de longo prazo, que oferece grandes retornos, juntamente com abordagem profissional e segurança. Não reivindicamos as taxas de juros mais altas disponíveis on-line e isso nunca foi nosso objetivo principal. O que consideramos mais importante é a estabilidade, pagamentos pontuais e serviço impecável. Mas sem dúvida Forex Investment Fund (FIF) se destaca da maioria das oportunidades de investimento on-line. Nossa experiência profissional nos permite oferecer retornos de investimentos seguros. Planejamos nossa carteira de investimentos para mitigar os riscos inerentes à negociação. Usamos várias estratégias de investimento e sempre diversificamos nossos investimentos. Diversificação na negociação é a sua parte mais importante que minimiza os riscos e gera maiores lucros. Forex Investment Fund (FIF) é uma chave para a prosperidade e estabilidade financeira. Forex Investment Fund (FIF) é um programa de empréstimo privado de alto rendimento, apoiado por Bonds, Forex, Gold, Stocks e investir em vários fundos e actividades em todo o mundo. Forex Investment Fund (FIF) é um programa de empréstimo privado de alto rendimento, apoiado por Bonds, Forex, Gold, Stocks e investir em vários fundos e actividades em todo o mundo. Nossa missão é proporcionar aos nossos investidores uma grande oportunidade para os seus fundos, investindo com a maior prudência possível em várias áreas para obter uma alta taxa de retorno. Somos um grupo bem sucedido de indivíduos que fizeram o nosso dinheiro através de investimentos prudentes no setor financeiro em uma base mundial por mais de 8 anos. Honestamente, não nos compare com algo como programas HYIP ou jogos que estão sempre indo e vindo. Além disso, temos uma fonte confiável e rentável de lucro líquido real, com base no investimento real do mercado real. Isso significa que somos capazes de pagar aos nossos investidores por tantos anos como eles escolherem permanecer conosco, independentemente de novos investidores se juntarem ou não. Nossa equipe tem sido orgulhosamente de propriedade e operado desde junho de 1998, participando em muitos empreendimentos on-line e off-line, resultando em grandes margens de lucro para as equipes de investidores e os investidores exclusivos. Nós somos um grupo de indivíduos que têm estado na arena de investimento por mais de 8 anos, a maioria dos nossos companheiros de investimento são banqueiros profissionais, alguns deles têm anos de negócios e experiência financeira relacionada. Nós somos as pessoas sérias que estão dirigindo o negócio sério. Nosso grupo é composto por americanos, asiáticos, australianos, canadenses, europeus, assim, podemos assistir todos os mercados diferentes quase 24 horas por dia. Não importa o quão bons registros comerciais que foram feitas, estamos apenas ajudando a nós mesmos só. Vimos muitas pessoas sofrer as perdas de várias oportunidades de internet que não podem cumprir suas promessas, assim, sentimos que há uma necessidade de pessoas como você para fazer um ganho constante de renda sem arriscar grandes quantidades de dinheiro. Essa é a razão pela qual Forex Investment Fund (FIF) nasceu. U.S. Departamento de Estado Abertura ao Investimento Estrangeiro O Quénia desfrutou de uma longa história de liderança económica na África Oriental como a economia maior e mais avançada da região. No entanto, a violência pós-eleitoral carregada de etnia em janeiro-fevereiro de 2008, que deixou 1.200 mortos e 500 mil deslocados, interrompeu abruptamente o crescimento robusto e levantou preocupações de segurança sobre o clima de investimento do Kenyalsquos. A indústria do turismo foi especialmente atingida pela violência, caindo 33 por cento em chegadas e 19 por cento em ganhos, enquanto a agricultura sofreu uma perda de 300 milhões de ativos devido à destruição sem sentido de fazendas e laticínios. Tanto o turismo como a agricultura se recuperaram, com o turismo crescendo em seu nível mais alto e expectativas de mais de 1,8 milhão de chegadas em 2010. O referendo pacífico e histórico de agosto de 2010, que aprovou uma nova constituição por uma maioria de dois terços, perspectivas futuras. Depois de ter experimentado um crescimento de 7,1 por cento em 2007, a economia desacelerou para 1,6 por cento de crescimento em 2008. A economia em 2009 cresceu 2,6 por cento, enquanto 2010 3 ª trimestre crescimento ultrapassou seis por cento eo crescimento em 2010 deve exceder 5 por cento. Perspectivas para 2011 e 2012 são para o crescimento do PIB para atingir a faixa de 5 ndash 6 por cento. A taxa de inflação média anual foi de 16,2% em 2008, que caiu para 9,2% em 2009 e para 4,5% em dezembro de 2010 para a inflação homóloga. (O Quênia mudou seu cálculo das taxas de inflação da metodologia para um sistema geométrico em 2009, o que resultou em taxas de inflação muito mais baixas.) Em dezembro de 2010, 1,2 milhões de quenianos precisavam de ajuda alimentar de emergência, uma melhora dramática do pior da seca no período. Queda de 2009. As abundantes temporadas de chuvas longas e curtas em 20092010 alimentaram a recuperação da agricultura forte, embora o nordeste do Quênia sofra no início de 2011 de chuvas abaixo do normal. Infelizmente, qualquer reincidência da seca precipitaria outra crise de segurança alimentar no Quênia, já que os sistemas de irrigação são quase inexistentes. Conseqüentemente, enquanto o Quênia era uma escolha privilegiada para os investidores estrangeiros que desejavam estabelecer uma presença na África Oriental nas décadas de 1960 e 1970, uma combinação de políticas econômicas politicamente impulsionadas, malversação governamental, corrupção desenfreada, serviços públicos precários e infraestrutura deficiente desencorajou a Investimento (IDE) desde a década de 1980. Ao longo dos últimos 25 anos, o Quénia tem sido um país com pouco desempenho na atracção de IDE. Desde 2003, o desempenho do Quênia na atração de IED tem sido marginalmente melhor em quase US $ 6 por U. S. 1.000 do PIB (US $ 82 milhões no total). No entanto, esta situação é pálida em comparação com os níveis de IDE em países vizinhos com economias menores. O Relatório de Investimentos do Mundo 2008 da UNCTAD descreve o Quénia como a região da África Oriental que é o menos eficaz pretendente para atrair IDE. O estoque de IED no Quênia foi de 183 milhões em 2008. Depois de ter alcançado 729 milhões em IED em 2007, o Quênia recebeu apenas 96 milhões em 2008 e 141 milhões em 2009. Artigos de imprensa recentes indicam que o investimento doméstico agora ultrapassa o IDE e Está a ter um impacto significativo no desenvolvimento no Quénia. Os ratings soberanos do Quênia, que foram rebaixados após a violência pós-eleitoral no início de 2008, foram atualizados no final de 2010 pela SampP para o B positivo do estável B. De forma semelhante, a Fitch Rating elevou a perspectiva de negativa para estável, Para a dívida externa de longo prazo e BB - para a dívida interna de longo prazo em janeiro de 2009 essas classificações permanecem as mesmas de janeiro de 2011. Uma pesquisa realizada em abril de 2008 pela Associação dos Fabricantes do Quênia (KAM ndash Kenya) Que o clima de negócios do Quênia é hostil. Devido ao clima de investimento caro, a KAM aprendeu que um número crescente de empresas optou por mudar de fabricação para negociação. Outros abandonaram o país. Depois de examinar as razões pelas quais as empresas fecharam ou se mudaram na última década, a KAM considerou que o comércio legítimo no Quênia é inibido por: (a) concorrência externa desleal, que despeja produtos falsificados e pirateados (cosméticos, artigos de higiene pessoal, baterias, pneus, Peças, remédios, livros, mídias eletrônicas e software) e roupas e sapatos de segunda mão no mercado passa por calçados novos e outros artigos de vestuário como exportações de segunda mão e sub-faturas (b) o alto custo de fabricação devido a tarifas de energia exorbitantes, infra-estrutura deficiente D) leis trabalhistas que obrigam as empresas privadas, e não o governo, a fornecer aos seus empregados uma rede de segurança social de benefícios, incluindo a paternidade (E) baixa produtividade, falta de disciplina dos trabalhadores e sindicatos fortes voltados para salários e benefícios mais altos (f) l (O que poderia ser interpretado como exigências de subornos) e (g) o fracasso da Autoridade de Receita do Quênia (KRA) para processar o imposto corporativo e reembolsos de IVA rapidamente. Uma análise do sistema tributário do Quênia, realizada pelo Banco Mundial, International Finance Corporation e pela empresa de auditoria PriceWaterhouseCoopers, divulgada no início de dezembro de 2008, julgou o regime tributário de Kenyalsquos como o menos amigável na África Oriental. O relatório, Paying Taxes 2009, critica o Quênia por não ter um único órgão governamental responsável por todas as cobranças de impostos. Pelo contrário, a estrutura tributária do Kenyalsquos é marcada por várias agências governamentais, cada uma com autoridade para cobrar impostos em várias épocas do ano. De acordo com o estudo, o Quênia tem cinco diferentes datas de pagamento de impostos cada mês para IVA, lucros corporativos, retenção, segurança social e saúde. Além da complexidade de seu sistema tributário, muitos quenianos se queixam de impostos são muito altos. Consequentemente, a evasão fiscal está a aumentar. O Quênia está testemunhando agora um número crescente de negócios não registrados ou informais conhecidos no idioma local como ldquojua kali. rdquo (Nota: de acordo com o Governmentlsquos 2010 Economic Survey, o sector informal envolve cerca de 80 por cento da força de trabalho.) E os altos impostos percebidos, o relatório colocou Kenya 158 fora de 181 países examinados. O relatório elogiou a Autoridade de Receita do Quênia (KRA) para a sua arrecadação efetiva de impostos e saudou o lançamento de um novo sistema de gestão tributária. As empresas quenianas carregam a carga fiscal mais pesada na África Oriental. Apesar dos estados da Comunidade da África Oriental exigirem um imposto de renda corporativo uniforme de 30% em toda a região, as empresas quenianas têm que lidar com outras imposições cujo impacto final eleva a carga tributária global. Especialistas em impostos da PriceWaterhouseCoopers dizem que a carga tributária total das empresas no Quênia está em 49,7 por cento, contra 45 por cento na Tanzânia, 32 por cento na Uganda e 31 por cento na Randa. Esse fardo adicional elevou o custo de fazer negócios na maior economia da região e reduziu a competitividade de suas empresas. As empresas kenianas têm de lidar com 41 pagamentos de impostos diferentes cortando 16 regimes fiscais, que levam 417 horas-homem para arquivo em comparação com a média mundial de 31 pagamentos de impostos e 286 horas, colocando assim o Quénia como um dos países com o mais complicado Sistema tributário nesta parte do mundo. Sucursais de empresas não residentes pagam imposto à taxa de 37,5 por cento. Geralmente, o governo define o rendimento tributável como uma receita proveniente ou a partir do Quénia. O imposto sobre o valor acrescentado (IVA) é cobrado sobre as mercadorias importadas ou fabricadas no Quénia e os serviços tributáveis prestados. A taxa normal de IVA é de 16%. Discussão do governo sobre o IVA no início de 2011 centrou-se na redução ou eliminação de isenções para criar uma base de receita mais ampla versus elevar as taxas. O crime é outro desincentivo. Em um inquérito KAM de 2007, 33% das empresas quenianas relataram o crime como um problema sério, representando perdas de quase 4% nas vendas anuais. A KAM descobriu que, em média, as empresas destinam 3% de seus orçamentos operacionais a serviços de segurança privada e atualizações de segurança. Alto funcionários do governo estão bem conscientes desses problemas. Além disso, no início de dezembro de 2008, o vice-primeiro-ministro e ministro do Comércio Uhuru Kenyatta admitiu publicamente que uma ação imediata envolvendo um esforço coordenado entre membros da Comunidade da África Oriental (EAC) deve ser empreendida para proibir a entrada de mercadorias falsificadas no Quênia e na região. Ele reconheceu que as falsificações estão minando o setor manufatureiro nacional. Outros impedimentos ao investimento que precisam de atenção imediata, ele citou, incluem insegurança, uma estrutura de regulamentação de negócios hostil, eo alto custo da energia. Em 5 de agosto de 2008, o primeiro-ministro Raila Odinga começou a realizar reuniões trimestrais como parte de um diálogo público-privado denominado "Agenda Empresarial Nacional" com os presidentes da KAM, da Aliança do Setor Privado do Quênia (KEPSA), do Conselho Empresarial da África Oriental (EABC) , E outros líderes empresariais para discutir o que deve ser feito para melhorar o clima de negócios do país. Como resultado da primeira reunião, Odinga e o Presidente Mwai Kibaki ordenaram que o Porto de Mombasa fosse aberto 247, o número de bloqueios de estradas e estações de pesagem na Estrada do Corredor Norte Mombasa-Nairobi-Busia seria dramaticamente reduzido e que a Autoridade dos Portos do Quénia (KPA), o Escritório de Padrões do Quênia (KEBS) e a KRA harmonizam seus regulamentos e adotam um sistema comum de credenciamento e despacho computadorizado para agilizar a inspeção e desembaraço da carga. O governo lidou com as questões portuárias e de barreiras, enquanto as questões de harmonização continuam a ser tratadas. Posteriormente, o Presidente Mwai Kibaki e, em seguida, o Ministro das Finanças em exercício, John Michuki, ordenaram que o IVA fosse reduzido ou eliminado nos insumos de energia. O Tesouro anunciou no final de novembro de 2008 que iria suspender um imposto especial de 120 por cento sobre a fabricação de plásticos. Para aliviar as pressões inflacionárias sobre a cesta de alimentos, o governo em meados de junho de 2008 reduziu o imposto sobre o trigo importado de 35% para 10% e zero para 297.000 toneladas métricas de milho importado. Também renunciou ao dever de 60% sobre 52.149 toneladas de farinha de trigo importada. O Ministro da Agricultura também taxou o IVA do pão, da farinha de trigo, do leite, do arroz e da farinha de milho. Em consonância com sua estratégia de privatização, o governo anunciou em meados de dezembro de 2008 que venderia suas ações em 16 empresas paraestatais, incluindo o Banco Nacional do Quênia, a KenGen, a Kenya Pipeline Company, a Kenya Ports Authority , E várias empresas de processamento de açúcar, cimento, laticínios, vinho e carne. O governo também colocou a Autoridade de Desenvolvimento de Turismo do Quênia para venda em 2009. Até o momento, o governo não completou nenhuma das vendas. Em dezembro de 2008, o Conselho de Ministros aprovou o quadro jurídico e institucional proposto para as parcerias público-privadas, autorizando que muitas firmas assinem contratos de gestão, contratos de arrendamento, concessões e acordos de construção, O governo em vários projetos de infra-estrutura como água, energia, portos e estradas. Em outro desenvolvimento positivo, o crédito é agora mais facilmente acessível a partir de instituições de empréstimo do Quênia, de acordo com uma análise lançada no início de dezembro de 2008, ldquoFirst Things Fast: Kenya Competitiveness Benchmark Report 2008.rdquo O relatório também citou o compromisso do Quênia para a inovação como propício ao desenvolvimento de negócios . O aumento dos empréstimos, que levou a um número recorde de vendas de automóveis em 2010, reflecte a forte confiança dos consumidores na crescente economia. A Portaria sobre Sociedades, a Lei de Parceria, a Lei de Protecção do Investimento Estrangeiro e a Lei de Promoção de Investimentos de 2004 constituem o enquadramento legal para o IDE. Para atrair investimentos, o Governo do Quênia (GOK) promulgou diversas reformas, entre as quais a abolição do licenciamento de exportação e importação, exceto alguns itens listados na Lei de Importações, Exportações e Suprimentos Essenciais, racionalizando e reduzindo as tarifas de importação, revogando todos os direitos de exportação e Liberando a taxa de câmbio do xelim do Quênia, permitindo que residentes e não residentes abertas contas em moeda estrangeira com os bancos nacionais, e removendo as restrições sobre o empréstimo por empresas estrangeiras, bem como nacionais. Em 2007, o Governo da Coreia analisou a sua política de investimento e lançou uma estratégia de desenvolvimento do sector privado. Uma análise da política da Conferência das Nações Unidas sobre Comércio e Desenvolvimento (UNCTAD) é um componente desse esforço. A Lei de Licenciamento de 2007 até agora eliminou ou simplificou 694 licenças. Em 2008, o governo também reduziu o número de licenças para criar uma empresa de 300 para 16, e vai rever outras 337 licenças. A Lei de Regulação de Negócios de 2007 estabeleceu uma Unidade de Reforma Regulatória Empresarial dentro do Ministério das Finanças para continuar o processo de desregulamentação. Em 2009, o Quênia lançou um e-Registro nacional para facilitar o processamento de licenças comerciais e ajudar a melhorar a transparência. Em 2008, o Parlamento aprovou a Lei contra a Contrafacção, que o Presidente Kibaki assinou como lei, estabelecendo uma agência e um forte quadro legal para a polícia de produtos de contrafacção. Em junho de 2010, o Ministério da Industrialização (sua empresa-mãe) operacionalizou a Agência Anti-Falsificação. A agência nascente ainda está construindo capacidade e está lutando com a falta de recursos, ao mesmo tempo esculpir o seu papel. Para combater a importação de contrafacções, o Ministério da Industrialização eo KEBS decretaram em 2009 que todos os produtos manufaturados localmente devem ter uma marca de padronização emitida pela KEBS, enquanto várias categorias de produtos importados (especificamente produtos alimentícios, produtos eletrônicos, E medicamentos) deve ter uma marca de padronização de importação (ISM), custando 300 por produto. As funções respectivas dos sectores público e privado evoluíram desde a independência em 1963, com uma mudança de ênfase do investimento público para o investimento liderado pelo sector privado. O Governo da Coreia introduziu reformas baseadas no mercado e proporcionou mais incentivos para o investimento privado tanto local como estrangeiro. Os investidores estrangeiros que procuram estabelecer uma presença no Quénia geralmente recebem o mesmo tratamento que os investidores locais. As empresas multinacionais compõem uma grande porcentagem do setor industrial do Quênia. O código de investimento do Quênia, articulado na Lei de Promoção de Investimentos de 2004, simplificou os procedimentos administrativos e legais para criar um clima de investimento mais atraente. Entrou em vigor quando publicado em 2005. O objetivo da Lei de Promoção do Investimento é atrair e facilitar o investimento, auxiliando os investidores na obtenção das licenças necessárias para o investimento e fornecendo outros auxílios e incentivos. A Lei substituiu o Centro de Promoção de Investimentos do governo pela Autoridade de Investimento do Quênia (KIA), entretanto, a lei também criou algumas barreiras novas. Ele fixou o limite mínimo de investimento estrangeiro em 500.000 e condicionou alguns benefícios na obtenção de um certificado de investimento da KIA. O governo mais tarde revisou o limite mínimo de investimento estrangeiro para 100.000 como uma emenda à lei. A exigência de investimento mínimo é susceptível de dissuadir o investimento estrangeiro, especialmente no sector dos serviços, que normalmente não é tão intensivo em capital como os setores agrícola e de manufatura. Outra alteração tornou opcional o requisito de certificado de investimento estrangeiro. As licenças de trabalho são exigidas para todos os estrangeiros que desejam trabalhar no país. O governo do Quênia espera que funcionários estrangeiros sejam gerentes seniores ou tenham habilidades especiais não disponíveis localmente. Os investidores estrangeiros são obrigados a assinar um acordo com o governo que define os acordos de formação destinados a eliminar os expatriados. Qualquer empresa, local ou estrangeira, pode recrutar expatriados para qualquer categoria de mão-de-obra qualificada, se os quenianos não estiverem disponíveis. O Ministério do Trabalho está desenvolvendo um inventário de habilidades. Isso deve substituir o procedimento de teste de mercado de trabalho, pelo menos para as posições de alta habilidade, com uma lista pré-determinada de habilidades com escassez no Quênia. Investidores que procuram funcionários estrangeiros com essas habilidades não seriam obrigados a demonstrar por uma campanha de recrutamento exaustiva local que os cidadãos adequadamente qualificados estavam indisponíveis. Os empregadores aprovados teriam o direito de contratar trabalhadores estrangeiros, sujeitos apenas à verificação das credenciais e características dos indivíduos propostos para emprego pelo Departamento de Imigração. É cada vez mais difícil para os expatriados para obter licenças de trabalho, porque o governo diz que os gerentes de nível médio qualificado e equipes técnicas estão disponíveis localmente. Quênia elevado nível de desemprego provavelmente impulsiona a nova tendência. O nível de desemprego oficial de 2010 é de 10%, mas a taxa real de desemprego no país é superior a 40%. O GOK concentra a sua promoção de investimento em oportunidades que geram divisas, fornecem emprego, promovem ligações para trás e para a frente e transferem tecnologia. Os únicos setores significativos nos quais o investimento (tanto estrangeiro como interno) são limitados são aqueles em que as corporações estatais ainda gozam de um monopólio estatutário. Estes são restritos quase que inteiramente à infra-estrutura (por exemplo, energia, postos, telecomunicações e portos), embora haja liberalização parcial destes sectores. Por exemplo, nos últimos anos, cinco Produtores Independentes de Energia (IPPs) iniciaram operações no Quênia. A partir de janeiro de 2011, existem quatro provedores de telecomunicações móveis no Quênia: o Safaricom parcialmente controlado pelo governo, o francês Orange (a parte móvel da Telkom Kenya), o indiano Bharti Airtel (anteriormente Zain) e o indiano Yu (Anteriormente Essar Telecom). Empresas de telecomunicações estrangeiras também podem estabelecer-se no Quênia, mas devem ter pelo menos 20 por cento de propriedade local. No entanto, o governo concedeu um período de carência de três anos para as empresas de telecomunicações encontrarem investidores locais para satisfazer as exigências locais de propriedade e o governo pode demitir completamente a política de propriedade local. Um aviso legal publicado em junho de 2007 reduziu o limite para a propriedade estrangeira de companhias listadas na Nairobi Stock Exchange (NSE) de 75 por cento para 60 por cento, o que é um desincentivo para as empresas estrangeiras interessadas em uma listagem NSE. Embora o regulamento não seja aplicável retroativamente, obriga as empresas com uma presença estrangeira de mais de 60% a rebaixar a participação estrangeira antes de se candidatar ao NSE. A medida impede assim estas empresas de vender acções em excesso para não-quenianos. Não há discriminação contra os investidores estrangeiros no acesso à pesquisa financiada pelo governo. Os programas de promoção de exportação do governo não fazem distinção entre bens locais e estrangeiros. A UNCTAD, em conjunto com a Câmara de Comércio Internacional (ICC), publicou um Guia de Investimentos para o Quénia em Maio de 2005. O guia fornece análises abrangentes das tendências de investimento, oportunidades e do quadro regulamentar do país. Segundo o relatório da UNCTAD (e a maioria dos observadores), desincentivos significativos ao investimento no Quênia incluem excesso de regulamentação e ineficiência governamentais, abastecimento de eletricidade e água caro e irregular, um setor de telecomunicações subdesenvolvido, infra-estrutura de transporte precária e altos custos associados ao crime e à insegurança geral . Embora não exista legislação específica que impeça os estrangeiros de possuírem terra, de acordo com a Lei de Controle da Terra, sua capacidade de possuir ou arrendar terrenos classificados como agrícolas é restrita. Assim, a Lei de Controle de Terra serve como uma barreira para qualquer investimento agro-processamento que pode exigir terra. A única isenção a esta lei é adquirir uma renúncia presidencial, que não tem diretrizes claras e levou a reclamações sobre burocracia excessiva e patronagem. A nova Constituição estabelece que os não-cidadãos não podem possuir terras, mas podem alugar terras por um período máximo de 99 anos. A EAC, fundada em 1999, é constituída por Quênia, Tanzânia, Uganda, Ruanda e Burundi, com o Ruanda e o Burundi a tornarem-se membros de pleno direito da Comunidade em 2007. A EAC tem como objectivo alargar e aprofundar a cooperação entre os países parceiros em questões políticas, Social e outros campos para benefício mútuo. De acordo com o protocolo, os Estados membros da EAC devem permitir a entrada zero de matérias-primas, uma taxa de 10% sobre os produtos semi-transformados e uma taxa de 25% sobre os produtos acabados. A realização de um grande bloco econômico com uma população combinada de mais de 125 milhões e um produto interno bruto combinado de 61 bilhões tem um grande significado estratégico e geopolítico e oferece as perspectivas de uma EAC renovada e revigorada. A União Aduaneira da EAC entrou em vigor em 1 de janeiro de 2010, enquanto o Mercado Comum da EAC entrou em vigor em 1 de julho de 2010. Embora os Estados membros tenham concordado com a união aduaneira eo mercado comum, a implementação real levará uma quantidade substancial de tempo . Os Estados membros da CAE, incluindo o Quénia, não aprovaram muitas das leis associadas ao mercado comum ea aplicação da união aduaneira nos passagens fronteiriças está longe de ser coerente ou uniforme. Entre as questões a serem resolvidas estão a arrecadação centralizada de receita no primeiro ponto de entrada na EAC ea gestão de carga em trânsito em uma região sem fronteiras. O planejamento contínuo para a EAC inclui uma união monetária até 2013 e eventual federação política. No entanto, as barreiras não-tarifárias (NTBs) continuam a ser um problema na EAC. Um relatório de março de 2005 sobre NTBs e o desenvolvimento de um Índice de Clima de Negócios na Região da África Oriental pelo Conselho Empresarial da África Oriental identificou a administração de impostos e outros impostos como a NTB principal, seguida de perto pela corrupção. O relatório indica que o nível de investimento do Kenyalsquos e otimismo de negócios é atenuado por baixas expectativas relacionadas a melhorias na infra-estrutura, acesso à terra e rentabilidade nos negócios. Desde a independência, o Quénia tem prosseguido duas amplas estratégias de industrialização, nomeadamente substituição de importações e industrialização orientada para as exportações. Está actualmente a implementar uma estratégia de industrialização descrita no Documento Parlamentar n. º 2 de 1996, que visa transformar o Quénia num estado totalmente industrial até 2020. A estratégia destaca o apoio a indústrias de exportação específicas, impulsionadas pelo desejo de aumentar o seu potencial de emprego. Visão 2030, revelou em 2007 como o GOKrsquos plano a longo prazo para atingir status de renda média como uma nação, reforça o papel de Sessional também reconhecendo promoção industrial como uma avenida para crescimento e desenvolvimento. O Quénia tem dificuldades em aproveitar as oportunidades geradas pela liberalização do comércio nos mercados desenvolvidos para exportar produtos manufaturados. A maior parte das suas exportações para a União Europeia são baseadas na horticultura com um valor mínimo de valor acrescentado: chá, café, flores cortadas, legumes, frutas e nozes. Em contraste, os bens manufaturados (principalmente vestuário) compreendem a maioria das exportações para os Estados Unidos sob a Lei de Crescimento e Oportunidade Africana (AGOA). A indústria têxtil e de vestuário depende em grande medida de tecidos importados e matérias-primas como o algodão, a viscose, o poliéster, o denim, o poliéster, o nylon e os acrílicos, uma vez que não existe uma indústria nacional competitiva de algodão. O Índice de Liberdade Econômica da Heritage Foundation 2010 coloca o Quênia em 101 de 179 países, uma queda de 11 lugares em 2009, e ficou em 13 dos 46 países da África Subsaariana. Políticas de Conversão e Transferência A Lei de Proteção ao Investimento Estrangeiro (FIPA) (Cap 518) garante repatriamento de capital, remessa de dividendos e juros para investidores estrangeiros. Os investidores estrangeiros têm liberdade para converter e repatriar lucros, incluindo lucros não capitalizados, isto é, os rendimentos do investimento após o pagamento dos impostos relevantes eo principal e juros associados a qualquer empréstimo. O câmbio está prontamente disponível de bancos comerciais e câmaras de câmbio e pode ser livremente comprado e vendido por investidores locais e estrangeiros. O xelim queniano tem uma taxa de câmbio flutuante ligada a uma cesta de moedas estrangeiras. O xelim foi relativamente estável nos últimos anos até o final de 2007, quando aumentou significativamente em valor em relação ao dólar, mesmo negociando brevemente abaixo KSh60 para o dólar. No rescaldo da violência pós-eleitoral de 27 de dezembro de 2008, tanto a economia quanto o xelim sofreram um sério declínio. A partir de janeiro de 2011, o xelim estava negociando em quase KSh80 para o dólar. O Quênia não tem restrições quanto à conversão ou transferência de fundos associados ao investimento. A lei queniana exige a declaração de valores acima de 500.000 Ksh (cerca de 6.500) como um cheque formal contra o branqueamento de capitais. O Parlamento aprovou o projeto de lei de lavagem de dinheiro e contra o branqueamento de capitais do Quênia eo presidente Kibaki assinou a lei no final de 2009. Embora a legislação tenha entrado em vigor em junho de 2010, ainda não foram elaborados regulamentos de implementação que trariam o Quênia Line com as economias mais avançadas financeiras e ajudar a reduzir sérias questões com lavagem de dinheiro. O Quénia faz parte do Grupo de Luta contra a Lavagem de Dinheiro da África Oriental e Austral e está colaborando com o Grupo Intergovernamental de Ação Financeira (GAFI). Expropriação e Compensação Lei de investimento do Quênia é modelada sobre a lei inglesa de investimento. A Lei das Empresas, a Lei de Promoção de Investimentos e a Lei de Investimento Estrangeiro são as principais leis que regem o investimento no Quénia. A lei do Quênia protege contra a expropriação da propriedade privada, exceto quando o devido processo é seguido e uma compensação adequada e rápida é fornecida. Vários acordos bilaterais também garantem maior proteção com outros países. A expropriação só pode ocorrer por razões de segurança ou de interesse público. O Governo da Coreia pode revogar uma licença de investimento estrangeiro se (1) uma declaração falsa for feita durante a aplicação da licença, as disposições da Lei de Promoção de Investimentos ou de qualquer outra lei ao abrigo da qual a licença é concedida são violadas ou, se (2) não houver Uma violação dos termos e condições da autoridade geral. A Lei de Promoção de Investimentos de 2004 prevê a revogação da licença em casos de representação fraudulenta à Autoridade de Investimento do Quénia (KIA), dando um aviso por escrito ao investidor para mostrar causa dentro de 30 dias a partir da data de aviso por que a licença não deve ser Revogado. Na prática, a KIA raramente revoga licenças. Como exemplo de expropriação e compensação, em setembro de 2007, os invasores invadiram uma propriedade privada de 15 mil hectares na província da costa, mal um mês depois que o presidente Kibaki anunciou que a terra ociosa seria reassumida e dada aos sem-terra. O governo finalmente pagou ao proprietário da propriedade privada mais de 10 milhões para a terra. O Quénia é membro da Agência Multilateral de Garantia de Investimentos (MIGA), afiliada ao Banco Mundial, que emite garantias contra riscos não comerciais para empresas que investem em países membros. É também signatário da Convenção sobre a Resolução de Diferendos Relativos a Investimentos entre Estados e Nacionais de Outros Estados. A Convenção estabeleceu o Centro Internacional para a Resolução de Disputas de Investimento (ICSID) sob os auspícios do Banco Mundial. O Quénia também é membro da Africa Trade Insurance Agency (ATIA). O Quénia é membro de muitas outras organizações e tratados globais e regionais, incluindo o Mercado Comum da África Oriental e Austral (COMESA), o Acordo de Cotonu entre a União Europeia e os Estados de África, das Caraíbas e do Pacífico (ACP) A Convenção de Paris sobre a Propriedade Intelectual, a Convenção Universal sobre Direitos de Autor ea Convenção de Berna sobre o Direito de Autor, a Organização Mundial da Propriedade Intelectual (OMPI) ea Organização Mundial do Comércio (OMC). O Quénia também assinou tratados de dupla tributação com vários países, incluindo Canadá, China, Alemanha, França, Japão, Países Baixos e Índia. Em 27 de novembro de 2007, o Quênia se uniu aos seus países irmãos da EAC ao assinar o primeiro acordo de parceria econômica (EPA) com a Comunidade Européia (CE). Em meados de julho de 2008, o Quênia e seus companheiros membros da EAC assinaram um Acordo-Quadro de Comércio e Investimento (TIFA) com os Estados Unidos na conclusão do Fórum de AGOA em Washington, DC A Constituição do Quênia garante a Proteção de vida e propriedade, que o Código Penal de Leis do Quênia também protege. Sua violação é acionável no âmbito do direito penal. Apesar dessas proteções, a insegurança nas formas de terrorismo internacional, fronteiras inseguras e crimes comuns tem sido uma grande preocupação para muitos investidores no Quênia. Kenyalsquos sistema judicial é modelado após os britânicos, com magistrateslsquo tribunais, tribunais superiores em grandes cidades e um Tribunal de Recurso no ápice do sistema judicial. Imediatamente abaixo dos tribunais superiores estão os tribunais subordinados constituídos pelos Tribunais Kadhis, os Tribunais Residente Magistratelsquos, os Tribunais Distritais Magistratelsquos eo Tribunal Marcial (para membros das Forças Armadas). Além disso, um tribunal industrial separado ouve disputas sobre os salários e os termos trabalhistas. Os peticionários não podem apelar suas decisões, exceto por motivos processuais. O Quênia também tem tribunais comerciais para lidar com disputas comerciais. O Companies Act de 1948 fornece a fundação para a empresa e lei de investimento. Propriedade e direitos contratuais são executáveis, mas longos atrasos na resolução de casos comerciais são comuns. O sistema legal no Quênia é adversarial, ea maioria das disputas são resolvidas através de litígios em tribunal, embora arbitragem e resolução de litígios alternativa estão se tornando cada vez mais popular. A Lei de Arbitragem regula a arbitragem. A nova Constituição, quando totalmente promulgada, mudará dramaticamente o sistema judicial. O Quénia terá um Supremo Tribunal, um Tribunal de Recurso, um Tribunal Constitucional e um Tribunal Superior. Além disso, os tribunais subordinados, Magistrados, Khadis e Tribunais Marciais, permanecerá. O Parlamento decidirá se os tribunais industriais e comerciais permanecerão. A Lei sobre os Julgamentos Estrangeiros (Reciprocal Enforcement) prevê a execução no Quênia de sentenças proferidas em outros países que concedem tratamento recíproco às sentenças proferidas no Quênia. Os países com os quais o Quénia celebrou acordos de execução recíproca são a Austrália, o Reino Unido, o Malawi, a Tanzânia, o Uganda, a Zâmbia e as Seicheles. Sem esse acordo, uma sentença estrangeira não é executória nos tribunais quenianos, exceto por arquivar ação sobre o julgamento. Os tribunais quenianos geralmente reconhecem uma cláusula de lei aplicável em um acordo que prevê a lei estrangeira. A Kenyan court would not give effect to a foreign law if the parties intended to apply it in order to evade the mandatory provisions of a Kenyan law with which the agreement has its most substantial connection, and which the court would normally have applied. Foreign advocates are not entitled to practice in Kenya unless a Kenyan advocate instructs and accompanies them, although a foreign advocate may practice as an advocate for the purposes of a specified suit or matter if appointed to do so by the Attorney General. All advocates in private practice are members of the Law Society of Kenya (LSK), while those in public service need not be. Kenya does not have a bankruptcy law. Creditors39 rights are comparable to those in other common law countries. Monetary judgments typically are made in Kenyan shillings. The government does accept binding international arbitration of investment disputes with foreign investors. Apart from being a member of the ICSID, Kenya is a party to the New York Convention on the Enforcement of Foreign Arbitral Awards (1958). Performance Requirements and Incentives The law permits investors in the manufacturing and hotel sectors to deduct from their taxes a large portion of the cost of buildings and capital machinery. The government allows all locally financed materials and equipment (excluding motor vehicles and goods for regular repair and maintenance) for use in construction or refurbishment of tourist hotels to be zero-rated for purposes of Value Added Tax (VAT). The Ministry of Finance permanent secretary must approve such purchases. The government permits some VAT remission on capital goods, including plants, machinery, and equipment for new investment, expansion of investment, and replacement. The investment allowance under the Income Tax Act is set at 100 percent. Materials imported for use in manufacturing for export or for production of duty-free items for domestic sale qualify for the investment allowance. Approved suppliers, who manufacture goods for the exporter, are also entitled to the same import duty relief. The program is also open to Kenyan companies producing goods that can be imported duty-free or goods for supply to the armed forces or to an approved aid-funded project. Fiscal incentives offered by the Kenyan government to Export Processing Zone (EPZ) investments and registered and approved venture-capital-fund investments include a 10 year tax holiday and a flat 25 percent tax for the next 10 years exemption from withholding taxes during the first 10 years exemption from import duties on machinery, raw materials, and inputs no restrictions on management or technical arrangements and exemption from stamp duty and from the VAT on raw materials, machinery and other inputs. The Export Promotion Programs Office, set up in 1992 under the Ministry of Finance, administers the duty remission facility. The government established a Manufacturing Under Bond (MUB) program in 1986 that is open to both local and foreign investors. The law exempts enterprises operating under the program from duty and VAT on imported plants, machinery, equipment, raw materials, and other imported inputs. The Kenya Revenue Authority (KRA) administers the program. Foreign investors are attracted to the EPZs by their single licensing regime, tax incentives, and support services provided such as power and water. The number of enterprises operating in Kenya39s EPZs increased from 66 in 2003 to 74 in 2004. They declined to 68 in 2005 following the end of the Multi-fiber Textile Agreement in January 2005 before increasing to 71 in 2006. In 2007, 72 firms were in operation, which increased to 74 in 2008. In 2009, 83 firms were operating in the EPZs, although the number of Kenyans employed actually declined slightly. The majority of Kenya39s manufactured products are entitled to preferential duty treatment in Canada and the European Union. Kenya39s statute does not permit manufacturing companies, whether domestic or foreign-owned, to distribute their own products. The preferential access and duty free status accorded to Kenyan apparel exports under the African Growth and Opportunity Act (AGOA) fueled the initial increase in the number of apparel factories. Kenya39s major exports under AGOA include apparel and handicrafts. Over 50 percent of EPZ manufactured products enter the U. S. market under AGOA provisions. In 2005, 25 apparel firms in the EPZ39s were manufacturing apparel for export under AGOA. That number declined to 22 in 2007 and to 18 in 2008 following the January-February 2008 post-election violence. 2009 saw an increase to 19 firms operating under AGOA, although the number of Kenyans employed by these firms continued to drop. With the exception of the insurance and telecommunications sectors and other infrastructure companies discussed earlier, Kenya does not require that its nationals own a percentage of a company. The government does not require that the percentage of foreign ownership be reduced over time. There are no restrictions on the percentage of equity that foreign nationals may hold in a locally incorporated company, although foreign firms are encouraged to form joint ventures with Kenyan companies or entrepreneurs. However, there are some restrictions on investment in companies listed on the NSE and certain businesses. Foreign brokerage companies and fund management firms must be locally registered companies, with Kenyan ownership of at least 30 percent and 51 percent, respectively. Foreign ownership of equity in insurance and telecommunications companies is restricted to 66.7 percent and 80 percent, respectively. However, the government allows telecommunications companies a three-year grace period to find local investors to achieve the local ownership requirements and the local ownership policy may be scrapped entirely. A legal notice published in June 2007 decreed that companies seeking a listing on the NSE could not have foreign ownership above the 60 percent threshold. Previously the NSE threshold for foreign ownership for some companies was 75 percent. Foreign equity in companies engaged in fishing activities is restricted to 49 percent of the voting shares under the Fisheries Act. Foreign investors are free to obtain financing locally or offshore. The manufacture of and dealing in firearms (including ammunition) and explosives require special licenses from Chief Firearms Licensing Officer and the Commissioner of Mines and Geology, under the Firearms Act and the Explosives Act respectively. The manufacture of and dealing in narcotic drugs and psychotropic substances is prohibited under the Narcotics Drugs and Psychotropic Substances Act. Technology licenses are, however, subject to scrutiny by the Kenya Industrial Property Office (KIPO) to ensure that they are in line with the Industrial Property Act. Licenses are valid for five years and are renewable. The government does not steer investment to specific geographic locations but encourages investments in sectors that create employment, generate foreign exchange, and create forward and backward linkages with the rural areas. The law applies local content rules but only for purposes of determining whether goods qualify for preferential duty rates within the Common Market for Eastern and Southern Africa (COMESA) and the EAC. Right to Private Ownership and Establishment The Kenyan legal system is quite flexible on exit options, which normally are determined by the agreement that the investor has with other investors. The Companies Act specifies how a foreign investor may exit from an incorporated company. In practice, a company faces no obstacles when divesting its assets in Kenya, if the legal requirements and licenses have been satisfied. The Companies Act gives the procedures for both voluntary and compulsory winding-up processes. In late 2006, the U. S. multinational personal grooming and hygiene company, Colgate Palmolive, closed its factory in Kenya. MobilExxon divested and sold its assets to the Libyan oil company, Tamoil, in 2007. In 2008, Chevron divested and sold its assets to Total. Reckitt Benckiser East Africa Limited, a multinational firm that makes household cleaning health and personal care products, also closed its Kenyan facility. Many U. S. companies remain in the market and, in 2010, some recorded record profits. The typical reason given for a firm closing its factories in Kenya is restructuring to cut costs and improve efficiency in its African markets. The high cost of production as a result of poor infrastructure, inadequate protection of intellectual property rights, and unreliable and expensive electrical power continues to frustrate Kenyarsquos manufacturing sector, even as economic growth forges ahead. Private enterprises can freely establish, acquire, and dispose of interest in business enterprises. In general, competitive equality is the standard applied to private enterprises in competition with public enterprises. However, certain parastatals have enjoyed preferential access to markets. Examples include Kenya Reinsurance (Kenya-Re) with a guaranteed market share, Kenya Seed Company, with fewer marketing barriers than its foreign competitors, and the Kenya National Oil Corporation (KNOC), with retail market outlets developed with government funds. Some state corporations have also benefited from easier access to government credit at favorable interest rates. Protection of Property Rights Secured interests in property are recognized and enforced. In theory, the legal system protects and facilitates acquisition and disposition of all property rights ndash land, buildings, and mortgages. In practice, obtaining a title to land is a cumbersome and often non-transparent process, which is a serious impediment to new investment, frequently complicated by improper allocation of access and easements to third parties. There is also a general unwillingness of the courts to permit mortgage lenders to sell land to collect debts. Only Kenyan citizens or incorporated companies, whose majority shareholders are Kenyan citizens, may own land. Since January 2003, the government has been nullifying some illegally acquired land allocations. The question of title to land acquired irregularly under the Moi government is the subject of continued controversy. The issue is particularly important because land secures 80 percent of bank loans. Kenya has a comprehensive legal framework to ensure intellectual property rights (IPR) protection, which includes the Anti-Counterfeiting Act of 2009, the Industrial Property Act of 2001, the Trade Marks Act, the Copyright Act of 2001, the Seeds and Plant Varieties Act, and the Universal Copyright Convention. The new Anti-Counterfeiting Act creates a new agency, the Anti-Counterfeiting Agency (ACA), to enforce IPR laws in Kenya. The ACA will be the lead agency for IPR enforcement and will coordinate its activities with the other enforcement bodies, including the Kenya Copyright Board (responsible for copyrights), the Kenya Industrial Property Institutes (responsible for patents, trademarks, and trade secrets), the Pharmacy and Poisons Board (responsible for medicines), and several other agencies. Penalties under the Anti-Counterfeiting Act are substantially more punitive than under previous IPR laws. The Ministry of Finance badly underfunded the new organization in its first year, resulting in a reduced workforce and slower buildup of capacity. The Copyright Act protects literary, musical, artistic, audio-visual works, sound recordings and broadcasts, and computer programs. Criminal penalties associated with piracy in Kenya include a fine of up to KSh800,000 (about 10,000), a jail term of up to 10 years, and confiscation of pirated material but enforcement and the understanding of the importance of intellectual property are poor. Copyright protection is the responsibility of the parastatal, the Kenya Copyright Board (KCB), which resides under the Attorney General39s Office. In collaboration with Microsoft and Hewlett-Packard, the KCB has in the past several years carried out a number of major busts. In November 2007, cyber cafeacute operators within Nairobi grappled between legalizing their Microsoft software operating system, shifting to Open Source Code, or closing shop all together following a joint KCB-police crackdown on illegal software. Most cyber cafes in Kenya use Microsoft software, although without valid licenses. The KCB raided the Jet Cyber and Dagit Cyber Cafe companies in Nairobi on the suspicion of copyright infringement. The raids on the cyber cafes came after the expiry of an October 30, 2007 deadline set by the KCB. During the raid, 50 computers containing unlicensed versions of Microsoft Windows Office 2003 edition were confiscated. Also impounded were Windows 2000 and Microsoft 2003 counterfeit installer CDs. The computers were valued at KSh1.5 million (about 18,750), while the cost of Windows and Office were estimated at KSh1.4 million (about 17,500). On September 18, 2008, Nairobi police and agents with Kenya39s Bureau of Weights and Measures raided two warehouses suspected of holding counterfeit Hewlett-Packard products and arrested the warehouse owner. Local authorities working with Hewlett Packard (HP) have seized more the 9000 counterfeits in Kenya since November 2008. Kenya is a member of the World Intellectual Property Organization (WIPO) and of the Paris Union (International Convention for the Protection of Industrial Property) along with the United States and 80 other countries. The African Intellectual Property Organization (AIPO) embodies a future prospect for patent, trademark, and copyright protection, although its enforcement and cooperation procedures are yet untested. Kenya also is a member of the African Regional Intellectual Property Organization (ARIPO). Kenya is a signatory to the Madrid Agreement Concerning the International Registration of Marks however, the other original EAC members (Uganda and Tanzania) are not. The Kenya Industrial Property Institute (KIPI), under the Ministry of Trade and Industry, is responsible for patents, trademarks, and trade secrets. Investors are entitled to national treatment and priority right recognition for their patent and trademark filing dates. The Trade Marks Act provides protection for registered trade and service marks that is valid for 10 years and is renewable. The Act established an independent national patent law and KIPI, which considers applications for and grants industrial property rights. However, actual protection for intellectual property -- copyrights, patents, and trademarks -- remains inadequate. The sale of pirated audio and videocassettes is rampant, although there is little domestic production. According to the Business Software Association (BSA), an estimated USD 3.5 million is lost every year because of the use of illegal software, mainly by businesses. Kenya enacted the Industrial Property Act (KIPA) of 2002 to comply with WTO obligations, but its implementation of the law remains weak. In July 2006, the Ministry of Trade and Industry conceded that over KSh 36 billion (about 450 million) is lost annually due to the sale of counterfeit goods and a further KSh 6 billion (about 75 million) is lost in tax revenues to the government. A subsequent KAM study, released in late October 2008, concluded that piracy and counterfeiting of business software, music, pharmaceuticals, and consumer goods costs Kenyan firms about 715 million annually in lost sales. KAM estimates the government now loses over 270 million in potential taxes every year. Since then, former KEBS Director Dr. Kioko Man39geli charged that counterfeits are eating 10 percent of this countrylsquos GDP annually. To combat the manufacture and sale of counterfeits, he announced that, as part of a five-year strategic plan, KEBS would require that manufacturers obtain a new standardization mark. KEBS would also open a National Quality Institute to train both business leaders and consumers and would offer IPR courses to magistrates. On behalf of local textile and apparel producers, Kenyan Customs and Port Authority officers have prevented the transshipment of foreign-made (mostly Asian) garments through the Port of Mombasa that are fraudulently being exported to the United States under AGOA preferences. Kenya is also working to crack down on the entry into the local market of counterfeit or substandard goods. In 2006, it confiscated and destroyed over 3 million fake Bic pens. Since then, the Kenyan government has intercepted additional counterfeit Bic pens, Eveready batteries, Kiwi shoe polish, and other pirated consumer goods. Unfortunately, inadequate enforcement of intellectual property rights continues to affect global companies operating in Kenya and within the region. Inadequate funding for Kenya39s anti-counterfeiting agencies limits the number of seizures and destruction of counterfeits in an environmentally friendly way ndash often leaving seized goods to pile up in warehouses where they may be stolen and returned to the market. Inadequate training for judges means that the new law is often not enforced or manipulated so that counterfeiters may retrieve their goods after paying a small fine. Transparency of Regulatory System Investors in Kenya are required to comply with environmental standards. The National Environment Management Authority (NEMA) oversees these matters and is the principal environmental regulatory agency. Developers of particular projects are required to carry out Environmental Impact Assessments (EIA) prior to project implementation. Companies are required to submit their up-to-date assessment reports to NEMA for verification by the agencylsquos environmental auditors before they can receive an EIA license. In theory, all investors receive equal treatment in the initial screening process. The government screens each private sector project to determine its viability and implications for the development aspirations of the country. For example, a rural agro-based enterprise, with many forward and backward linkages, is likely to receive licensing quickly. However, new foreign investment in Kenya historically has been constrained by a time-consuming and highly discretionary approval and licensing system, that is subject to corrupt practices. In response to appeals from the business community in 2007, the government earnestly began improving Kenya39s business climate. Following the reduction of required business licenses, simplification of others, and establishment of an electronic company registry, Kenya is a much better country in which to do business. In 2009, the GOK launched an e-Registry, which sped up the registration of new companies, cut regulation costs, and enhance transparency in accessing information on registered companies. The Licensing Act of 2007 has eliminated or simplified 694 licenses to date. In 2008, the government reduced the number of licenses to set up a business from 300 to 16 and is reviewing another 337 licenses. The World Bank-International Finance Corporationlsquos quotDoing Business 2010 Report, quot which ranked 183 national economies on their ease of doing business, ranks Kenya as the 98th in ease of doing business, a drop from 94th in 2009. Issues hurting Kenya39s ranking include difficulties in starting a business, registering property, paying taxes, trading across borders, and enforcing contracts. The World Bank and IFC contend that the government must significantly reduce the cost of doing business, deal with delays at the Port of Mombasa, and eliminate the requirement of even more licenses to maintain Kenya39s current level of economic growth. The Restrictive Trade Practices, Monopolies, and Price Control Act of 1989 (with subsequent amendments) govern Kenya39s competition framework. The Act is relatively modern and works well in avoiding anti-competitive practices since the abolition of price controls in 1994. The Monopolies and Prices Commission, however, is under the Ministry of Finance, instead of an independent regulatory body. Although the Commission is independent in its investigation of competition-related issues, it must rely on ministerial powers to enforce orders on companies found to have breached competition rules. The Commission lacks the capacity to implement the legislation fully. Practices that seek to block entry into production and that discriminate against buyers (for production, resale, or final consumption) are illegal. Mergers and acquisitions must receive the green light from the Commission and the Minister of Finance in all cases, regardless of the sector, size, or market share of the companies involved. This puts an unnecessary burden on investors and the Commission. However, the Commission has no jurisdiction over the electricity, telecommunication, or insurance sectors. Under the law, manufacturers may not distribute their own products, and they are required to supply information to the government about their distributors. Antitrust legislation governs incoming foreign investment through acquisitions, mergers, or takeovers by antitrust legislation that prohibits restrictive and predatory practices, which prevent the establishment of competitive markets. Antitrust legislation also seeks to reduce the concentration of economic power by controlling monopolies, mergers, and takeovers of enterprises. Mergers and takeovers are subject to the Companies Act, the Insurance Act (in case of insurance firms), or the Banking Act (in case of financial institutions). Kenya has been ranked among the most accessible and connected markets in Africa. The country stands among the continentlsquos top five behind South Africa, Tunisia, Guinea, Sudan, and Mauritania with regard to reliability of the supply chain according to a 2007 World Bank survey on trade logistics. Kenya ranked 76 out of the 150 countries tested for efficiency in key supply chain areas such as customs procedures, cost of logistics, and infrastructure quality. Through the Port of Mombasa, Kenya is a major hub for international and regional trade for neighboring land - locked countries such as Uganda and the Great Lakes region. The survey, however, found that the cost of importing or exporting containers in Kenya and other large economies in Africa remains higher compared to the global average. Efficient Capital Markets and Portfolio Investment Kenya has a small capital market overseen by the government-controlled Capital Market Authority (CMA). The market consists of the Nairobi Stock Exchange (NSE), 21 investment advisory firms, 20 investment banks, 6 stockbrokers, 18 fund managers, 15 authorized depositories, 13 collective investment schemes, 7 employee share ownership plans, one credit rating agency, one venture capital fund, and one central depository. The CMA regulates and supervises all these institutions and oversees the development of Kenyalsquos capital market. The CMA is working with other East African Community (EAC) member states through the Capital Market Development Committee (CMDC) and East African Securities Regulatory Authorities (EASRA) on a two-year roadmap to integration of their respective capital markets. Beginning in 2005, the NSE started settling all equity trades through an electronic Central Depository System (CDS). The combined use of both CDS and Automated Trading System (ATM) has moved the Kenyan capital market to globally acceptable standards. Kenya has recently joined the International Organization of Securities Commissions (whose members represent 90 percent of the world39s capital markets) as a full (ordinary) member, which solidifies their status as the primary capital market place in East Africa. The NSE enjoyed a bull market from January 4, 2005 when its blue chip share index was 2980.48 to January 10, 2007, when it reached an all-time high of 6085.50. Blue chips remained well above 5000 throughout 2007 and eventually the NSE attained a market capitalization of 16.3 billion. However, trading and prices nosedived in the wake of the January-February 2008 post-election crisis, and continued to do so as the world economy entered a recession in late summer 2008. By the end of 2008, the NSE had a market capitalization of approximately 11.4 billion (roughly on par with the end of 2007) but its blue chips had dived to 3521 (a 35 percent drop from 2007). At the end of 2009, NSE market capitalization stood at 11.1 billion and the NSE blue chips had dropped almost 8 percent from 2008 to stand at 3247. Wrapping up 2010, NSE market capitalization boomed to sit at 14.6 billion and the NSE blue chips had increased to 4433. The NSE categorizes itself into three segments: the Main Investments Market (MIMS) (with 47 offerings), the Alternative Investments Market (AIMS) (with eight offerings), and the Fixed Income Securities Market (FISMS) (with 12 offerings). The MIMS targets mature companies with strong dividend streams. The AIMS is more favorable to small and medium-sized companies, and allows firms to access lower interest rate, longer-term sources of capital through the capital markets. The FISMS allows businesses, financial institutions, and governmental and supranational authorities to raise capital through the issuance of debt securities. Fees charged by the CMA on NSE participants are a significant entry barrier for new companies. The NSE needs to do additional work to develop small business entry into the stock market. While the equity market has participated in active trading for some time, the corporate bonds market has been active only since 1997. The equity market is far larger and more mature than the bond market, which is growing. Currently, 16 corporate bonds are trading on the NSE. In general, the treasury bonds issued by the government are more active than corporate bonds although, that is beginning to change due to large corporate bond issues in 2009. Trading in commercial paper and corporate bonds issued by private companies has diversified activity at the NSE. The government regulates such trading through a set of guidelines developed in collaboration with private sector. They allow private companies to raise funds from the public without NSE quotation. Establishing the CDS encouraged the development of a secondary market for the governmentlsquos one-year floating rate bond. The CDS opened a shop window for small investors offering products in multiples of KSh 50,000 (about 769) up to KSh 1 million (about 15,400). Expenses related to credit rating services by listed companies and other issuers of corporate debt securities are tax deductible. Foreign investments through mergers and acquisitions are not restricted via cross-shareholding and stable shareholder arrangements. Hostile takeover attempts are uncommon. Private firms are free to adopt articles of incorporation, which limit or prohibit foreign investment, participation, or control. Foreign investors can acquire shares freely in the stock market, subject to a reserve ratio of 40 percent for domestic investors in each listed company. To encourage the transfer of technology and skills, the government allows foreign investors to acquire up to 49 percent of local stockbrokerage firms and up to 70 percent of local fund management companies. Foreign ownership of equity in insurance and telecommunications companies is restricted to 66.7 percent and 80 percent, respectively. Foreign equity in companies engaged in fishing activities is restricted to 49 percent of the voting shares under the Fisheries Act. Foreign investors are able to obtain credit on the local market however, the number of credit instruments is relatively small. Legal, regulatory, and accounting systems are generally transparent and consistent with international norms. The corporate tax for newly listed companies is 25 percent for a period of five years from the date of listing. The withholding tax on dividends is 7.5 percent for foreign investors and 5 percent for local investors. Foreign investors can acquire shares in a listed company subject to a minimum reserved ratio of 40 percent of the share capital of the listed company for domestic investors, with the remaining 60 percent considered as a free float available to local, foreign, and regional investors without restrictions on the level of holding. Dividends distributed to residents and non-residents are subject to a final withholding tax at the rate of 5 percent. Dividends received by financial institutions as trading income are not subject to tax. In 2007, the GOK granted the following fiscal incentives to encourage growth of capital markets: (1) exemption from income tax on interest income accruing from cash flows of securitized assets and (2) exemption from income tax on interest income accruing from all listed bonds with at least a maturity period of three years. The fiscal incentive targets providers of infrastructure services such as roads, water, power, telecommunication, schools, and hospitals. Company capital expenditures on legal costs and other incidental expenses associated with listing by introduction at the NSE are tax deductible. As of the end of 2010, Kenyalsquos banking sector consisted of 43 commercial banks, one mortgage finance company, two microfinance institution, one credit reference bureau, and 126 forex bureaus (primarily located in Nairobi and Mombasa). At the end of October 2010, total banking assets increased to almost 21 billion. Loans and advances accounted for 51 percent of total assets with 26 percent in government securities and 7 percent in placements with the Central Bank of Kenya (CBK). The ratios of total and core capital to total risk-weighted assets improved from 19.9 percent and 17.5 percent to 20.7 percent and 18.5 percent, respectively, mainly due to a more than proportionate increase in core and total capital. The asset quality of Kenyan banks improved from 3 percent in June 2010 to 2.4 percent in October 2010 of assets classified as non-performing. A cumbersome court system complicates the realization of collateral, which makes it difficult for creditors to accept collateral. Only 19 percent of Kenyans have formal access to financial services through commercial banks and the Post Bank. With the advent of mobile money and its recent association with the formal banking system, the number of Kenyans with access to electronic financial services continues to grow. Since most Kenyan adults own a cell phone, they can utilize mobile money services to receive their salary, do their shopping, pay their school fees, and, now, access savings, insurance, and other financial services. Kenya has four mobile money services: MPesa, the dominant service through Safaricom Zap, run by Bharti Airtel Orange Money, run by Orange and Yu Cash, run by Essar Telecom. The financial sector, in particular the commercial banks, remains relatively robust, aided by a stable macroeconomic environment and stringent supervisory oversight. Despite the global economic downturn, the banking sector expanded by 11 percent in 2009-2010, at least partially due to a continued housing boom in Nairobi. Islamic banking, which started modestly, has continued to take off as the primary Islamic-based banks expand their reach across Kenya into areas with relatively smaller Muslim minorities. Islamic banking solutions, first introduced in December 2005, took the form of deposit products tailored in line with Shariah principles, which have grown to include insurance products. The Parliament amended the Banking Act of 2004 to delegate the power to register and deregister commercial banks and financial institutions from the Finance Minister to the Central Bank of Kenya (CBK). Under the Central Bank of Kenya Act, the security of tenure for the Governor is enhanced, the Bank39s operational autonomy is increased, the CBK39s bank supervision functions are strengthened, and statutory restrictions on government borrowing from the Bank are codified. The CBK sets requirements for all banking institutions and building societies to disclose their un-audited financial results on a quarterly basis by publishing them in the print media. Parliament also amended the Central Bank of Kenya Act in December 2004 to establish an independent Monetary Policy Advisory Committee (MPAC) whose mandate is to advise the Bank with respect to monetary policy. The amended Act provides for the CBK to publish the lowest interest rate it charges on loans to banks referred to as the central bank rate. Other amendments transferred powers to revoke and issue licenses to financial institutions from the Ministry of Finance to the CBK and introduced an quotIn Duplum Rule, quot which limits fees and fines on non-performing loans to the amount of the outstanding principal. However, the rule is yet to be implemented. A proposal by the Finance Minister in June 2007 to increase minimum capital requirement for a commercial bank from KSh 250 million (about 3.85 million) to KSh 1 billion (about 15.4 million) over a period of three years was rejected by Parliament. The last five years have seen improvements in the financial sectorlsquos legal and regulatory framework, triggered by the enactment of the Cooperative Societies Amendment Act of 2004. To regulate Kenyalsquos burgeoning insurance industry, Parliament passed the Insurance Amendment Act 2006, which resulted in the establishment of the Insurance Regulatory Authority. To strengthen the Sacco industry, Parliament passed the 2007 Sacco Act. As a result, access to financial services has improved especially for those previously unable to bank. For instance, the introduction of M-Pesa by Safaricom has made it easy to send money via cellular phone at very low cost. All of the telecom operators followed suit with their own products in the market. Mobile money has grown in size and popularity and now provides savings and insurance services to the large majority of Kenyans who do not have access to a bank. Parliament passed and the President signed the Anti-Money Laundering Bill of 2008. This long-awaited bill provides for the creation of an FIU (financial intelligence unit) with investigatory powers and sets specific reporting requirements for financial institutions. The law came into force in June 2010, although implementing mechanisms are yet to be put into place. The Microfinance Act of 2006 became operational in 2008. The Act provides for the licensing, regulation, and supervision of the microfinance sector, necessitated by a series of mismanagement and embezzling scandals at micro-finance institutions. The law provides for the regulation of deposit taking microfinance institutions in Kenya and gives the CBK powers to oversee microfinance institutions. Microfinance institutions (MFIs) provide financial services to majority of Kenyans who remain unbanked. Kenya39s financial sector has a wide range of products, institutions, and markets, but there are gaps in development finance. Commercial banks, which traditionally refrained from offering long-term capital, are beginning to provide long-term capital, at least to large companies. Kenya39s corporate bond market is still in an early stage of development. While having attracted a handful of firms, it is faced with the problem of low liquidity thus, to boost long-term investment growth, deliberate efforts must be made to adequately develop vehicles for mobilizing long-term capital in Kenya. Development Finance Institutions (DFIs) are viable options given the prevailing market condition. However, in Kenya, DFIs have faced several constraints that have made them unable to fill in the development-financing gap. Competition from State Owned Enterprises Kenya has a long history of government ownership in industry dating back to independence. Public ownership of enterprise expanded from independence in 1963 through the 198039s. However, several commissions, one in 1979 and one in 1982, established the need for Kenya to begin divesting itself of its publicly owned enterprises. The commissions identified 240 publicly owned firms and listed 207 as non-strategic and the remaining 33 as strategic. During the first round of privatization, from 1992 to 2002, Kenya fully or partially privatized most of the non-strategic publicly owned firms. From 2003 to 2007, the government of Kenya engaged in a second round, which fully or partially privatized a number of large strategic firms, including KenGen (the primary electricity generator), Kenya Railways, Mumias Sugar, Kenya Reinsurance, Telkom Kenya, and Safaricom. These transactions netted over a 1 billion towards supporting additional development and infrastructure. The third round of privatization is scheduled to last through 2013 and includes the Development, Consolidated and National Banks of Kenya, five sugar companies, the Kenya Wine Agencies, nine hotels, portions of the Kenya Ports Authority, the Agrochemical Food Company, the remainder of KenGen, East African Portland Cement, the Kenyan Meat Commission, the New Kenya Cooperative Creameries, the Numerical Machining Complex, and several power stations. The Kenyan government seems determined to remove itself from competing with private enterprise, other than a few strategic areas. The government divested the telecom sector from 2002 to 2007, which now enjoys full competition. The sugar industry has been partially privatized and will be fully privatized with the next round of divestitures. The energy industry remains the most publicly owned sector in Kenya. The Kenyan government owns the National Oil Corporation, the Kenya Pipeline Corporation, and the oil refinery in Mombasa. Therefore, competition is either restricted or limited. KenGen, Kenya Power and Lighting, and the newly formed Geothermal Development Corporation dominate the electricity generation portion of the energy sector, which is another restricted portion of the Kenyan economy. The primary port in Mombasa is mostly government owned but privatization efforts are underway. Beyond these sectors, competition is expected and encouraged among private enterprise in Kenya. Corporate Social Responsibility Kenya has only recently applied the concept of corporate social responsibility (CSR). The United Nations has instigated discussions under the auspices of the UN Global Compact in Kenya for the introduction of the UN Global CompactUNDP quotGrowing Sustainable Business for Poverty Reduction Initiative. quot In Kenya, surveys suggest that the highest proportion of corporate donations goes for health and medical provision. In addition, corporations direct funds towards education and training, HIVAIDS, agriculture and food security, and underprivileged children. The rationale for these philanthropic activities is closely tied to a sense that companies should give something back to the nation and to the communities in which they operate. In Kenya, many companies in the export-processing sector are seeking to mainstream HIVAIDS programs into their activities as well as other workplace issues. Local campaigns have focused attention on labor rights and abuses in Kenyan export sectors such as textiles, cut flowers, and horticulture. Some companies are taking a positive lead on labor standards, i. e. Cirio Delmonte is now accredited to the SA8000 standard. The bulk of the business community is challenged to create quality jobs by paying living wages and observing fundamental labor rights. Given that employment creation is one of the most pressing concerns in Kenya, workplace issues ndash particularly trade-offs between the creation of jobs and reasonable pay and working conditions ndash are likely to remain at the heart of the CSR agenda. In Kenya, there are relatively few incentives for businesses to adopt responsible or pro-development practices. Few consumers in either country are sufficiently informed or able to pay a premium for responsibly produced goods. While some companies producing for export markets are subject to labor or environmental requirements imposed by overseas buyers, those producers selling into the domestic market are unlikely to be subject to such pressures. Even pressures within export markets are patchy, depending on the sector, product, and buyer. A similar gap is observed between large companies operating in the formal sector, and smaller companies or micro-enterprises, which operate below the radar. Given the economic context in which financial margins are generally very thin, companies are unlikely to adopt higher standards voluntarily unless there is a clear business case. The disputed December 27, 2007 presidential election unleashed Kenyalsquos worst episode of ethnically-charged political violence. Before the antagonists reached a power-sharing agreement in late February 2008, the violence took the lives of 1,200 Kenyans and displaced 500,000, including thousands of farmers. Property damage was in the millions of dollars. Agriculture alone suffered 300 million in damages. Tourism took a major hit. Arrivals and earnings fell 90 percent in the first quarter 2008, and were off 30 percent throughout the year. At least 20,000 Kenyans employed in the tourism sector lost their jobs. The violence dissuaded both tourists and potential investors from coming to Kenya. Buyers stopped considering Kenya, resulting in several factories closing. An official government investigation, the Waki Commission, reportedly names several prominent Kenyan politicians as having instigated much of the violence. As of mid-December 2010, the commission39s report has yet to be released to the public, although on December 15, 2010 the International Criminal Court (ICC) released the names of six individuals, five government officials, and one journalist, identified as suspects in the incidents of political violence. Indictments may follow in early 2011, although a movement is afoot to withdraw from the ICC and establish a local tribunal, which is unlikely to result in any indictments unless there is a massive public outcry. Despite the global recession, the Kenyan economy began to bounce back in 2009 and 2010, especially with respect to tourism. The very slow implementation of the reform agenda, agreed upon by both parties involved in the power sharing agreement, concerns many in Kenya, who fear that without the reforms, violence will return in the 2012 election. The reform agenda includes police, land tenure, judicial, and constitutional reform as well as prosecution of those who instigated the 2007 violence. Of the various required reforms, Kenya has only partially implemented a new constitution voted for by 23 of the Kenyan people. Terrorism also remains a serious problem. Kenya suffered major terrorist attacks in 1998 and 2002. On August 7, 1998, bombs exploded at the U. S. Embassies in Nairobi and Dar es Salaam, Tanzania, killing over 250 and wounding more than 5,000 people. A suicide bomber killed 15 people in an Israeli-owned Mombasa hotel in November 2002. The U. S. maintains a travel warning for Kenya due to the threat of terrorism and violent crime. The shaky situation in neighboring Somalia has heightened security concerns at a time when Kenya has yet to enact appropriate anti-terrorism legislation. In 2010, several incidents occurred, including a suicide bombing of a bus in Nairobi in late December that killed two and injured more than twenty. Crime is a major source of insecurity in the country. According to a World Bank study, in 2004 almost 70 percent of investors reported major or very severe concerns about crime, theft, and disorder in Kenya, as opposed to 25 percent in Tanzania and 27 percent in Uganda. Kenya has good relationships with all its immediate neighbors. However, unstable, porous, and conflicted borders remain a source of insecurity in the region. The 2002 terrorist attacks in Mombasa are thought to have been planned in Somalia and much of the small arms used to commit crimes in Kenya are widely believed to originate from Somalia. In 2004, 11 East African countries decided to create an Eastern African Standby Brigade (EASBRIG). The EASBRIG is one of the five formations of the African Standby Force, established by the African Union in 2002, to carry out peacekeeping operations. The headquarters of the EASBRIG is in Addis Ababa and its secretariat in Nairobi. EASBRIG is operational and should be ready for deployment by 2015. The current coalition government inherited a problem of grand-scale economic and political corruption. In 2003, the Kibaki government enacted the Anti-Corruption and Economic Crimes Act and the Public Officers Ethics Act, setting rules for transparency and accountability, and defining graft and abuse of office. The Public Officers Ethics Act requires certain public officials to declare their wealth and that of their spouses within 90 days from August 2, 2003. Subsequently, the government fired 23 judges for corruption. Nevertheless, opposition leaders castigated the Kibaki government for its lackluster pursuit of individuals suspected of corruption. In 2004, the government established the Kenya Anti-Corruption Commission (KACC), moved forward with the implementation of the Anti-Corruption and Economic Crimes Act, and launched full implementation of the Code of Ethics Act for Public Servants in 2004. A Public Procurement and Disposal Bill became law in 2005. It establishes a procurement commission to oversee all procurement matters but has proven ineffective in limiting abuse by public officials. Large public procurement programs and military procurement have been at the center of a number of corruption scandals in recent years. Enacted in 2007, the Supplies Practitioners Management Act is to regulate the training, certification, and conduct of procurement officers. The law complements the Public Procurement and Disposal Act, which came into force in January 2007. The new law, which is an effort to curb loss of public funds, stipulates strict operational measures and penalties for breach in an attempt to eradicate corruption that remains embedded in the GOKlsquos tendering processes. The KACC launched several investigations in 2006-2007 against senior government officials, including two government ministers however, none of the cases has been prosecuted successfully, in large part due to bottlenecks in the Attorney General39s Office and loopholes in the judiciary. Former Finance Minister Amos Kimunya stepped aside in early July 2008 in connection with the non-tendered sale of a government-owned property, the Grand Regency Hotel, to a Libyan group. An investigatory commission, the Cockar Commission, reportedly exonerated Kimunya of any wrongdoing. He was appointed as Minister of Trade in January 2009, providing an example of the culture of impunity in Kenya. At the end of 2010, he became Minister of Transportation. In 2009, President Kibaki irregularly reappointed the director of KACC, the primary corruption investigatory unit. With the former director of KACC and the Attorney General, no minister-level official has ever been prosecuted in Kenya despite huge corruption scandals including Goldenberg, Anglo Leasing, Triton, and the maize scandal. After a storm of protest from Parliament, the director of KACC lost his re-appointment vote. This historic vote was the first time that Parliament had overruled the President. In 2010, the KACC Board selected PLO Lumumba as director of KACC. Lumumba has taken a strong stance against corruption, and is re-opening some of the older cases, including Anglo-Leasing. In December 2010, Lumumba, in his first major corruption case, and the KACC arrested and charged Minister of Trade Henry Kosgey with abuse of office over the illegal importation of automobiles. The 2010 Ibrahim Index of African Governance ranked Kenya 26 out of 53 countries on the quality of governance, a drop of four places from 2009. The 2010 Transparency International Corruption Perceptions Index ranks Kenya 154 of 178 countries, a drop of 8 places from 146 in 2009, and its composite score of 2.1 was the second worst in the EAC, better only than Burundi. Bilateral Investment Agreements Kenya does not have a bilateral investment trade agreement with the United States, although there are hopes for talks leading to such an eventual agreement. Kenya has bilateral trade and investment agreements with Germany, the Netherlands, Brazil, and the United Kingdom. Agreements are pending with Italy and Russia. Kenya and her EAC partners signed a Trade and Investment Framework Agreement with the United States in July 2008 as a bloc. OPIC and Other Investment Insurance Programs Kenya is eligible for Overseas Private Investment Corporation (OPIC) programs. In 2008, the U. S. Overseas Private Investment Corporation (OPIC) supported two projects in Kenya totaling 11.78 million. The beneficiaries include two microfinance companies. In 2009, OPIC supported three projects totaling 7.4 million, including two large microfinance projects women. Historically, OPIC has committed 75 million to 42 projects in Kenya. Kenya39s population reached an estimated 40 million in July 2010. Of the approximately 20 million working Kenyans ages 15-64, the Kenya National Bureau of Statistics reports that 7 million are engaged in pastoral and small-scale subsistence livestock rearing and farming. Another 8.3 million are engaged in commercial agriculture, ranching, and the informal sector. Only 2 million Kenyans are in the formal sector. Approximately 54 percent of the population lives on less than 1 per day (the 8 percent increase over the 2007 figure of 46 percent is attributable to the January-February 2008 post-election violence). Per capita income, per the Atlas method, is 770. High population growth rate of 2.64 percent per annum means there is an on-going demand for new jobs . Kenya has an abundant supply of well-educated and skilled labor in most sectors at internationally competitive rates. Though there is an apparent modest decline in new infections, high HIVAIDS prevalence continues to pose a serious threat to human resource development and an economic drain on families and the health care sector. The Kenya AIDS Indicator Survey 2007 (released in July 2008) indicates that 7.4 percent of Kenyans ages 15-64 are infected with HIV, with considerable disparities in prevalence among provinces. Kenya39s laws generally provide safeguards for worker rights and mechanisms to address complaints of their violation, but the Ministry of Labor and Human Resource Development lacks the resources to enforce them effectively. In October 2007, Parliament passed and President Kibaki signed five labor reform laws that were drafted with the ILOlsquos assistance under the U. S. Department of Laborlsquos Strengthening Labor Relations in East Africa (SLAREA) project to make Kenyalsquos labor laws more consistent with ILO core labor standards, AGOA compliant, and harmonious with Ugandalsquos and Tanzanialsquos. The new laws are: the Employment Act, which defines the fundamental rights of employees and regulates employment of children the Labor Relations Act on worker rights, the establishment of unions, and employers associations the Labor Institutions Act concerning labor courts and the Ministry of Labor and Human Resource Development the Occupational Safety and Health Act and the Work Injury Benefits Act on compensation for work-related injuries and diseases. The GOK gazetted the amended texts of the new laws in 2008. Also in 2008, the Government of Kenya gazetted the National Labor Board to steer stakeholders to meet and propose necessary amendments to Parliament for smooth implementation of the Acts. The Board will set structures and rules as required by the Act. Under the new Labor Relations Act, a minimum of seven workers may apply to register a union, but the nascent union must have a minimum of 50 members to be registered. A union must show a signed membership request from 50 percent of the workers in a workplace to force an employer to recognize the union. There are 42 registered unions representing over 500,000 workers, approximately one quarter of the country39s formal sector work force. All but six, including the 240,000 member Kenya National Union of Teachers (KNUT), the University39s Academic Staff Union (UASU), and the Union of Kenyan Civil Servants (UKCS), are affiliated with the Central Organization of Trade Unions (COTU), which has about 260,000 members. Union membership is voluntary and organized by craft rather than industry. The law permits strikes, but unions must notify the government 21-28 days before calling a strike. During this period, the Minister of Labor and Human Resource Development may mediate the dispute, nominate an arbitrator, or refer the matter to the Industrial Court. If the Minister of Labor and Human Resource Development refer to mediation, fact-finding, or arbitration, any subsequent strike is illegal. Kenya39s Industrial Court is backlogged and has difficulty enforcing its rulings because employers tend to appeal to the High Court. The Labor Institutions Act of 2007 expands the Industrial Court and gives it the same powers as a High Court to enforce its rulings with fines or prison sentence. The court has penalized employers for discriminating against employees because of their union activities, usually by requiring the payment of lost wages. Court-ordered reinstatement is not a common remedy because of the difficulty in implementation. Kenya has relatively harmonious labor relations. The number of strikes dropped significantly from 24 in 2007 to 8 in 2008, reflecting a 66 percent decrease. In 2008, 4718 workers were involved in the strikes representing 135,185 person-hours compared to 36,095 workers involved with strikes in 2007. The Industrial Court adjudicated 226 cases out of which it gave 192 rulings compared to 295 cases and 147 rulings in 2007. The agricultural sector had the highest reduction of strikes with two in 2008 compared to 14 in 2007. Labor law mandates the total hours worked in any two-week period should not exceed 120 hours (144 hours for night workers). Negotiations between unions and management establish wages and conditions of employment. There are twelve separate minimum wage scales, varying by location, age, and skill level. The lowest minimum wage is currently about 41 (KSh 3270) per month in urban areas and about 38 (KSh 3043) in rural areas. On May 1, 2009, the GOK the increased the statutory minimum wage by 20 percent under the General Wage Order and 18 percent for workers in the agricultural sector. To give more weight on productivity improvement in determining wage increases, the government announced, in its June 2005 budget speech, that minimum wages should be considered for adjustment after at least two years as opposed to every year, and that wages be adjusted in line with productivity changes however, the decision remains unimplemented. Workers covered by a collective bargaining agreement generally receive a better wage and benefit package than those not covered (on average 182, or KSh 14621, per month), plus a housing and transport allowance, which may account for 20 to 40 percent of a Kenyan workerlsquos compensation package. Kenyan law establishes detailed environmental, health and safety standards, but these tend not to be strictly enforced. The Directorate of Occupational Health and Safety Services (DOHSS), a department under the Ministry of Labor and Human Resource Development, has the mandate to enforce the Occupational Safety and Health Act and its subsidiary rules. DOHSS has the authority to inspect factories and work sites, except in the EPZs, but had only 45 inspectors, instead of the 168 expected to cover the entire country. DOHSS developed a program to help factories establish Health and Safety Committees and train them to conduct safety audits and submit compliance reports to DOHSS. The Directorate maintains a register of approved and certified safety and health advisers whom employers may enlist to conduct safety audits in the factories and other places of work. The Directorate should carry out these audits at least once a year and forward a copy of the audit report to the DOHSS within 30 days. However, according to the government, fewer than half of the largest factories had instituted Health and Safety Committees. Work permits are required for all foreign nationals who wish to work in Kenya. An applicant for an entry permit describes the work one intends to engage in and only can engage in that specific activity. Although there is no official time limit, a visitor39s pass or a visa is usually valid for three months and the Immigration Department must grant applicable extensions upon proper application. Applicants may apply for work permits for in any major city in Kenya, but all applications go to Nairobi for processing. Foreign investors are required to sign an agreement with the government describing training arrangements for phasing out expatriates. High unemployment levels have led the government to make it increasingly difficult for expatriates to renew or obtain work permits, and Immigration increased the price of a work permit to up to Ksh200, 000 (about 2,500). The Immigration Department occasionally has cancelled work permits before the expiry date without giving reasons. According to the law, the immigration officer issuing entry permits may require a bond of not less than KSh 100,000 (about 1,250) for each permit to be deposited with the Immigration Department. Foreign-Trade ZonesFree Ports As of December 2010, 41 Export Processing Zones (EPZ) are operating around the country. The GOK gazetted three new zones in 2009. 83 companies are operating in the zones. A government parastatal, the Kenya Export Processing Zone Authority (EPZA), regulates the zones. Of the 41 zones, the public sector develops and manages two. The private sector, in the form of licensed EPZ developersoperators, owns and manages the rest. Of the 83 enterprises operating in EPZs, foreign investors own 57 percent and Kenyans own 19 percent with the remainder being joint ventures. The largest privately-owned EPZ is the Sameer Industrial Park located in Nairobilsquos Industrial area. It has been operational since 1990. The Athi River EPZ, near Nairobi, is the largest publicly owned EPZ at 339 hectares. The second publicly owned EPZ is being developed in Mombasa, Kenya39s main seaport. The United States remained the principal market in 2007 for Kenyan EPZ exports. Over 55 percent of EPZ manufactured products enter the United States under AGOA provisions. The value of non-agriculture AGOA exports was 207.9 million in 2009 a drop of almost 19 percent from 2008. AGOA exports of garment products worth 244.8 million constituted 94 percent of AGOA-related exports. While the U. S. is the leading market for Kenyan EPZ exports, diversification is occurring including Europe, Canada, the United Arab Emirates, Hong Kong, Panama, and Zimbabwe. Foreign Direct Investment Statistics Through the 8039s and 9039s, the deterioration in economic performance, together with rising problems of poor infrastructure, corruption, high cost of borrowing, crime and insecurity, and lack of investor confidence in reforms generated a long period of low foreign direct investment (FDI) inflow. Per the United Nations Conference on Trade and Development (UNCTAD), FDI inflows in the period 1990-2000 averaged 29 million a year. This report reflects 2009 FDI inflows of 141 million, an increase of 47 percent over a dismal 2008. The report indicates 2009 total FDI stock in Kenya of 2.13 billion. These figures compare poorly to Tanzania, which shows FDI inflows of 645 million and total FDI stock of 5.34 billion in 2009. The market value of U. S. investment stands at approximately 183 million (2008 estimate), primarily concentrated in commerce, light manufacturing, and tourism industry. Most foreign investment in manufacturing since 2001 has been in the EPZs 64 percent tied to AGOA-related apparel investment. Poor data collection in Kenya leads to underestimating actual inflows of FDI. There is no clear mandate by any agency to collect data on FDI. The Central Bank of Kenya (CBK), the Kenya Investment Authority (KIA), and the Kenya National Bureau of Statistics (KNBS) all collect only partial information on either balance of payments inflows or investment projects. The government does not publish data on the value of foreign direct investment (positionstock and annual investment capital flows) by country of origin or by industry sector destination. Neither is data available on Kenyalsquos investment abroad. However, recent media reports indicate a drop in FDI, now superseded by domestic investment ndash a clear indication that Kenya must implement constitutional and political reforms to attract FDI, attain double-digit economic growth, and achieve its goals of becoming a middle-income country by 2030. . - , , . . ,. - benzóico. . , - . - benzóico. ,. , , - instavector. ru. . QUIK. . . . , - , . - , , , . , , . ,. Raquo
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