The government is improving Kenya’s laws and policies to meet the requirements of international investors, President William Ruto has said.
The President noted that an improved business environment, combined with our country’s well-educated and trained workforce and abundant renewable energy resources, makes Kenya the ideal destination for trade and investment.
“By actively listening to the private sector, we ensure that our policies remain relevant and effective,” he said.
He made the remarks during the US-Kenya Business and Investment Roundtable organised by the Corporate Council on Africa on the sidelines of the 79th session of the United Nations General Assembly.
Present were Corporate Council on Africa President and CEO Florizelle Liser and Chairman John Olajide, and Kenya Private Sector Alliance Chairman Jas Bedi, among others.
President Ruto urged American investors to take advantage of the conducive business environment to invest in Kenya.
“I invite you to Kenya and assure you of my personal commitment to facilitating your seamless entry into the market,” he said.
He pointed out that the government is committed to providing the necessary support to ensure foreign investments are successful.
The President outlined the reforms the government is pursuing to support investors, saying these are aligning the country’s data protection framework with international standards.
He explained that this has allowed 100% ownership of ICT companies without the necessity of involving local partners as it was previously. Corporate tax policies have also been harmonised with global standards.
“We are also working to make Kenya’s Export Processing Zones and Special Economic Zones the most competitive in Africa,” he added.
Additionally, he explained, the government is expanding ICT infrastructure to bridge the digital gap, unlock opportunities in the digital economy and drive innovation.
“Nairobi, home to the globally recognised Silicon Savannah, is the centrepiece of our strategy to make Kenya a leading tech hub, with Konza City as Africa’s top destination for investment and innovation,” he said.
President Ruto said the government is also investing in agricultural value chains to enhance productivity, efficiency and competitiveness.
“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.
The President disclosed that the efforts to position Kenya as a leading destination for foreign direct investment in Africa have yielded commendable results.
“In 2022, Kenya attracted FDI worth $759 million, representing 20% of the East African Community’s total and 2% of Africa’s overall FDI,” he said.
The President told the investors that Kenya provides unrivalled access to the African continent through the world’s largest free trade area, the African Continental Free Trade Area (AfCFTA).
He invited the American private sector to invest in closing the remaining gap in the country’s renewable energy. Kenya’s grid is 93 per cent renewable and is expected to be 100% green by 2030.
Later, the President presided over the launch of the Programme for Investment and Financing in Africa’s Health in New York.
He said a reformed African Union will be “fit for purpose” and be able to tackle the challenges facing Africa.
He explained that the priority of the African Union is to improve the people’s welfare, and said the AU must deliver an attractive investment in social services, including health, by unlocking private sector resources.
“As the African Union Champion for Institutional Reform, I am committed to asking the hard questions on how our continent can attract investment in social sectors like healthcare,” he said.
