President William Ruto, currently on a four-day state visit to the United States, has actively encouraged American business leaders to invest in Kenya. Speaking at an investors meeting with Atlanta-based companies in Georgia, Ruto highlighted Kenya as a strategic business location for investors aiming to enter the African continent.
During his address, President Ruto emphasized several key advantages of investing in Kenya:
1. Strategic Location: Kenya’s geographical position makes it an ideal gateway to the broader African market, offering access to East Africa and beyond.
2. Skilled Workforce: Ruto assured investors of the availability of a highly skilled and educated workforce in Kenya, which can support various business operations and innovations.
3. Modern Infrastructure: He pointed out that Kenya has invested significantly in modern infrastructure, including transportation networks, energy supply, and digital connectivity, creating a conducive environment for business growth and development.
Ruto’s efforts to attract foreign investment are part of a broader strategy to bolster Kenya’s economy, create job opportunities, and strengthen bilateral relations with the United States. The President’s engagement with American business leaders underscores his administration’s commitment to making Kenya a top investment destination in Africa.
“We are renowned for our well-educated, highly skilled, hospitable, and enterprising population, including motivated young men and women who reflect our entrepreneurial spirit,” he said.
Tax exemption
He reiterated Kenya’s commitment to renewable energy and conducive business environment, reforms in tax policies and incentives for start-up companies, which he said are exempted from paying taxes.
He attributed the tax exemption to unrealized gains on employee-allocated shares.
“93 per cent of Kenya’s national grid is powered by renewable energy from abundant hydro, wind, solar, and geothermal sources, placing us on track to achieving a 100 per cent clean energy supply by 2032,” Ruto told the investors.
The president also highlighted the removal of barriers for foreign investment in the ICT sector.
“Kenya means business. We urge international businesses to capitalise on the 60-year-old Kenya-U.S. relationship that is grounded on shared values of democracy, freedom and enterprise to invest in Kenya. A good return on investment is guaranteed, especially in our renewable energy, housing, manufacturing, agriculture and ICT sectors,” he said.
Export Processing Zones
In addition, Ruto pointed out that Kenya has a thriving business environment within Special Economic Zones and Export Processing Zones.
“Kenya works, Kenya means business. As long as you are talking investment, we are ready for you and together, we shall make your vision to be. Welcome to Kenya,” Ruto said as he signed off.
