Starting January 2024, Kenya will be implementing a visa-free policy for all visitors. This strategic move is aimed at boosting Foreign Direct Investment (FDI) among other benefits.
In December 2022, Kenya’s FDI saw an increase of Ksh.60 billion (USD 393.6 million), a slight decrease compared to the previous year’s increase of Ksh.71 billion (USD 463.4 million).
The FDI landscape in Kenya in 2023 has been influenced by various factors including COVID-19, political unrest, uncompetitive returns, and perceived public sector corruption.
Despite these challenges, Kenya is working towards enhancing its FDI attractiveness by building stronger global ties. President William Ruto has set an ambitious target of attracting 10 billion USD in FDI (Ksh.1.5 trillion).
The Pamoja African Alliance Party said Tuesday that “a visa-free environment fosters an investor-friendly atmosphere, attracting foreign investors to explore opportunities in the coastal region. This influx of foreign capital will contribute to infrastructure development, create employment, and ultimately spur economic development.”
According to PAA, President Ruto is committed to strengthening diplomatic ties with a belief that abolishing visa requirements will foster goodwill and position Kenya as a progressive and open nation ready to engage with the international community.
The decision to abolish visa requirements is expected to give a significant boost to tourism by attracting more international visitors. This will stimulate economic activity and create job opportunities in the hospitality and tourism sectors.
Furthermore, the removal of visa restrictions will improve trade relations between Kenya and its international counterparts, thereby boosting economic growth and exports.
Finally, Kenya’s cultural diversity, which spans 42 tribes, is set to be enhanced by the lifting of visa requirements. This will promote cultural exchange and collaboration between local communities and international visitors.
