Following recent legislative changes, a new organisation set for launch in Nairobi is expected to attract more Kenyans to invest back in the country.
The organisation – the Kenya Overseas Business Alliance (KOBA), will help businesses run by Kenyans in the Diaspora as well as increase remittances to the East Africa nation.
KOBA was officially launched on the 12th August 2010 at the Kenya High Commission, London. The event was inaugurated by Peter Kenneth, Kenya’s Assistant Minister in the Ministry of State for Planning, National Development and Vision 2030.
Kenyans in the Diaspora will benefit from real time information and advice on business opportunities in different sectors.
KOBA will also market Kenya’s brand assets like tea and coffee, and tourist spots to compliment efforts undertaken to market Kenya as a top tourist destination in Sub Saharan Africa.
According to the Central Bank of Kenya figures, diaspora remittances in July 2010 amounted to USD 50.7 million (about Sh4.1 billion) but statistics indicate that most of the money goes towards consumption by relatives rather than investment.
KOBA is an initiative of the Brand Kenya Board and Kenyans living in Britain. The organisation will also be used by entrepreneurs and their businesses for networking. It will be a forum where they can create links or contacts; form business partnerships and, where possible, formalize any trade relationships with their Kenyan counterparts.
The KOBA in partnership with the The Kenya High Commission will be holding an Expo on October 1 dubbed Business and Investment Opportunities in Kenya to be held in the UK.
This year’s event is expected to attract more than 30 exhibitors, who will showcase their latest services and products to prospective investors. Invited Experts will speak on current business challenges and investment trends in Kenya and help potential investors understand the market outlook as to how, when, and where to invest in the country.
