Kenya will invest Sh360 billion (US$4.5 billion) in economic and constitutional reforms over the next five years to ease the cost of doing business in the country, Business Daily reports.

Kenyan President, Mwai Kibaki revealed this while speaking at the Euromoney conference in Nairobi.

He said that the government is enthusiastic to attract foreign and local investors to Kenya.

According to Kibaki, Kenya has commenced work on a number of changes such as the elimination of tariffs in partnership with other East African countries.

He said that a regional economic partnership agreement, which is expected to be finalised by mid-2009, will allow duty-free access to European markets, except for sugar and rice.