President William Ruto launched a charm offensive during a high-level investor meeting with Atlanta-based companies on Tuesday, May 21, in the U.S.
Ruto pitched Kenya as the premier investment destination to top American tycoons and executives, highlighting opportunities in housing, manufacturing, ICT, and other sectors.
He mentioned that since becoming president in September 2022, his administration has laid the foundation for a business-friendly environment for foreign investors.
Ruto enticed American investors with a ‘friendly’ tax regime designed to help businesses thrive in Nairobi.
“Private sector players need predictable policies, including tax policies, for long-term investment decisions. Kenya has updated its tax policy guidelines since 2023 to enhance predictability. We are committed to maintaining this regime for at least three years,” stated President Ruto.
He also mentioned the alignment of the Digital Services Tax regime with the OECD inclusive framework and the removal of VAT on exported services.
Ruto assured investors that verified tax refund claims would be processed within six months.
“We have aligned our Digital Services Tax regime with the OECD inclusive framework. VAT on exported services is no longer payable, and verified tax refund claims will be processed within six months. If we fail, taxpayers can offset their claim against future tax liability without further application to the Kenya Revenue Authority,” he explained.
President Ruto also highlighted Kenya’s thriving start-up ecosystem and invited American billionaires to invest in Nairobi.
“Start-up companies are now exempt from paying taxes on unrealized gains from employee-allocated shares,” Ruto added. He emphasized his commitment to making Kenya an attractive business destination, which he said has already shown results.
President Ruto noted that the World Bank ranked Kenya as the third most attractive place to do business in Africa, and the country continues to build on this success.
“Our commitment to making Kenya one of the most attractive places to do business has paid off. The World Bank has ranked Kenya the third most attractive place to do business in Africa, and we are continuing to build on this success story.”
Ruto at the same time praised U.S. Ambassador to Kenya Meg Whitman for her support of Kenya and U.S. investors.
“Ambassador Whitman remains a great friend of Kenya and a tireless advocate for U.S. investors. Her round-the-clock involvement has enabled us to make quick progress in our dialogues and implement our consensus,” he said.
“The case I make is straightforward: Kenya works, and Kenya means business. As long as you are talking investment, we are ready for you and, together, we shall make your vision come to life. Welcome to Kenya,” Ruto concluded.
