NAIROBI, July 21 (Xinhua) -- Kenyan President Uhuru Kenyatta on Friday signed the Nairobi International Financial Center Bill into law, a move that aims to make a regional financial hub.
The Nairobi International Financial Centre Act seeks to provide for legal framework to facilitate and support the development of an efficient and globally competitive financial services sector in Kenya.
"This will in turn help the financial sector to generate high levels of national savings and investments through the establishment of the Nairobi Financial Centre," Kenyatta said in a statement issued after signing the bill.
The Act also establishes the Nairobi Financial Centre Authority whose task would be to establish and maintain an efficient operating framework in order to attract and retain firms.
Kenyatta said the Authority would also develop and recommend strategies and incentive structures in collaboration with relevant agencies in order to attract firms to be Nairobi International Financial Center firms.
"It would also review and recommend in collaboration with the relevant regulatory authorities developments to the legal and regulatory framework in order to develop Kenya as an international competitive financial centre," he said.
Meanwhile, Kenyatta also signed into law the Kenya Trade Remedies Act, which seeks to provide for the establishment of the Kenya Trade Remedies Agency for the investigation and imposition of ant-dumping, countervailing and trade safeguard measures.
The Act also seeks to enable the government to take necessary measures to protect domestic industries from foreign competition and unfair trade practices arising from dumping, subsidizing and import surges.
The Act further seeks to establish an independent investigation body, the Kenya Trade Remedies Agency to investigate and determine the existence of dumping and subsidization in imported products and recommend appropriate measures to be taken by the government.
