NAIROBI (Xinhua) --
Kenyan President Uhuru Kenyatta on Friday
signed the Nairobi International Financial Centre Bill
into law, a move that aims to make a regional financial
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.
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
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.
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
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
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.
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
Kenya pushes for
stiffer penalties on IP rights infringement
NAIROBI (Xinhua) --
Kenya’s Anti-Counterfeit Agency (ACA) is planning a
consumer education and installation of punitive
penalties on infringement of intellectual property (IP)
laws as it destroys fake goods worth about 240,000 U.S.
dollars on Friday.
agency tasked to fight trade in counterfeits announced
it will soon begin interrogations on how best to address
the changing face of counterfeiting in the market.
Executive Director Elema Halake said the agency’s
biggest concern when it comes to fighting this form of
illicit trade should go beyond the protection of
industries and manufacturers - to the protection of
human life and safety.
“This is a
worrisome trend that we vow to eliminate in this country
as we address both locally made counterfeits and the
imports,” Halake told journalists.
He spoke at
Export Processing Zone in Athi River where an array of
fake goods ranging from ball bearings used in all moving
parts, electronics, electrical goods, clothing,
cosmetics/detergents, petroleum products, and vehicle
spare parts were destroyed.
A number of
food products, stationery, and alcoholic beverages found
to pose danger to the society were also destroyed.
may result into unwanted fires, accidents, machine
breakages to deaths, as well as environmental
spearhead the review of Intellectual property laws and
regulations to make them more deterrent to tame dynamics
of counterfeiting in the market,” Halake said.
training and awareness programs targeting selected
stakeholders such as learning institutions, enforcement
agencies, IPR Owners and business organizations, and
professionals in different fields will be conducted to
influence change of mindset for the country towards
also enhance collaborative efforts towards enforcement,
public awareness and research-related activities. We
want consumers to know counterfeit goods are dangerous
and are of no value to them, society, as well the
government,” said Halake.
Industry, Trade and Cooperatives, Cabinet Secretary,
Adan Mohamed said government is committed to adding more
enforcement officers to help track and crack down on
counterfeiters as part of a bigger initiative to counter
the illicit trade.
concerns are on electronics, electricals, and consumable
products, security items such as locks, and engine oil
and motor spare parts.
pose a health and safety hazard for our people. It is
therefore inevitable that for the sake of health and
safety ‘we must work together’, let us all take our
responsibility towards winning this war,” said Mohamed.