President William Ruto said that the Kenyan government is enhancing its laws and policies to attract international investors.
Speaking during the US-Kenya Business and Investment Roundtable organized by the Corporate Council on Africa, President Ruto emphasized that Kenya’s improved business environment, skilled workforce, and abundant renewable energy resources position the country as an ideal trade and investment destination.
“We are continuously refining our policies by actively engaging with the private sector to ensure they remain relevant and effective,” Ruto said, addressing a gathering that included Corporate Council on Africa President Florizelle Liser, Chairman John Olajide, and Kenya Private Sector Alliance Chairman Jas Bedi.
Ruto urged American investors to take advantage of Kenya’s conducive business climate, assuring them of his personal commitment to facilitating their seamless entry into the market. He highlighted the government’s dedication to providing the necessary support to ensure the success of foreign investments.
The President outlined several key reforms designed to attract investment. One of these reforms aligns Kenya’s data protection framework with international standards, enabling 100% foreign ownership of ICT companies without the need for local partnerships. He also noted that Kenya has harmonized its corporate tax policies to meet global standards.
“We are striving to make our Export Processing Zones and Special Economic Zones the most competitive in Africa,” Ruto added, stressing the government’s goal of creating a business-friendly environment.
In addition to these measures, the government is expanding ICT infrastructure to bridge the digital divide, unlock opportunities in the digital economy, and foster innovation.
“Nairobi, home to the globally recognised Silicon Savannah, is the centerpiece of our strategy to make Kenya a leading tech hub, with Konza City as Africa’s top destination for investment and innovation,” he said.
The President also pointed to the government’s focus on enhancing agricultural value chains to improve productivity, efficiency, and competitiveness. He encouraged investors to explore the numerous opportunities available.
“You are welcome to invest in the numerous opportunities available in these value chains and be part of Kenya’s industrial and export success,” he told the investors.
Ruto shared that Kenya’s efforts to position itself as a top destination for foreign direct investment (FDI) have yielded significant results. In 2022, Kenya attracted $759 million in FDI, representing 20% of the total investment in the East African Community and 2% of Africa’s overall FDI.
He underscored Kenya’s strategic position as a gateway to the African continent, offering unrivaled access to markets through the African Continental Free Trade Area (AfCFTA), the world’s largest free trade area. He encouraged American investors to help close the remaining gap in Kenya’s renewable energy sector. Currently, 93% of the country’s grid is powered by renewable energy, with plans to reach 100% by 2030.
Following his address, President Ruto launched the Programme for Investment and Financing in Africa’s Health in New York. He explained that a reformed African Union (AU) would be better equipped to tackle the challenges facing the continent.
He emphasized that the AU’s priority should be to improve the welfare of its people by facilitating private sector investment in critical areas like healthcare.
“As the AU Champion for Institutional Reform, I am dedicated to asking the tough questions on how our continent can attract investment in social sectors like healthcare,” Ruto stated.
