From Marine Parks To Restaurants, Kenya Now Lets You Invest In 122 Tourism-Related Projects

by Vaishalee Kalvankar
From Marine Parks To Restaurants, Kenya Now Lets You Invest In 122 Tourism-Related Projects

What comes to mind every time someone mentions a dreamy wildlife safari? Kenya, isn’t it? Apart from breathtakingly adventurous safaris, the place is also known for its pristine white sand beaches and mountain climbing. But for some time, the sector has declined to become Kenya’s third-largest source of foreign exchange earnings. Hence, to boost tourism, Kenya is inviting investments in 122 tourism-related projects. 

Kenya Now Lets You Invest In 122-Tourism Related Projects

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After remittances and agriculture, this sector is the third-largest source of foreign exchange earnings. Political unrest and terrorist attacks damaged the country’s reputation in East Africa. Many properties also looked outdated as a result of underinvestment in facilities.

The Kenya Wildlife Service is currently proposing investors on projects for 71 ecolodges, eateries, a conference center in Nairobi, marine parks, and mountainous areas.

There are 122 tourism-related investment opportunities available in Kenya, including 71 ecolodges, wildlife reserves, marine parks, mountains, and restaurants.

According to an investment prospectus, investors in tented camps and lodges will obtain 20-year renewable leases, while those investing in restaurants, stores, and other attractions can sign 10-year renewable leases.

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Private Investments Will Bring In A Lot Of Change

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It is anticipated that private investment will increase the number of beds at KWS sites from 1,841 to 4,872.

According to KWS, tourism accounts for 5.5% of formal employment and 10.4% of Kenya’s GDP. The number of foreign visitors increased by 72% to 1.48 million last year, and revenue increased by 83% to 268.1 billion shillings ($1.85 billion).

KWS oversees 32 game and marine parks, reserves, sanctuaries, and an orphanage for wild animals. It claimed that in 2022, 2.18 million visitors went to its attractions.

In order to rebuild its once spectacular tourism industry, which is best known for safaris, white-sand beaches, and mountain climbing, Kenya is courting investment. (As per Hindustan TImes)

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Cover Image Courtesy: Canva