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President Ruto says Kenya is Committed to Creating a Favorable Environment for Foreign Investment

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President William Ruto has affirmed Kenya’s strong commitment to attracting high-quality foreign investments to the nation. 

President Ruto made these statements on Friday during an investment forum held at Silicon Valley in San Francisco, United States. 

He highlighted the government’s ambitious reform agenda aimed at transforming Kenya into a prominent business hub within the region.

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The President emphasized the implementation of a pro-business tax system as one of the strategies employed by the government to attract foreign investment. 

He stressed that creating a more investor-friendly environment would foster innovation, growth, and the generation of increased economic opportunities for the populace.

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“A more investor-friendly environment will allow businesses to innovate, thrive and create more economic opportunities for the people,” he said.

He also outlined several key factors that make Kenya an attractive destination for foreign investment, including upgraded data protection regulations in alignment with the Global Cross-Border Private Rules framework, a secure environment, a commitment to green energy, and robust infrastructure.

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In addition, he highlighted specific tax incentives, such as the elimination of Value-Added Tax (VAT) on exported services and the removal of taxes on stock-based compensation for startup employees, which further enhanced Kenya’s appeal to global firms.

The President assured international companies of Kenya’s abundant supply of energetic, talented, and skilled human capital, particularly those contributing to the country’s thriving tech sector. 

He emphasized ongoing efforts to develop a workforce that is well-equipped for the evolving demands of the modern world.

Furthermore, President Ruto mentioned Kenya’s support for entrepreneurs through the establishment of digital hubs in every ward, which will provide learning and innovation opportunities to over a million talents, ultimately benefiting businesses.

The forum was attended by notable figures, including US Ambassador to Kenya Meg Whitman, Coordinator of Prosper Africa, British Robinson as well as various investors and industry leaders. 

Ambassador Whitman praised Kenya as the most stable democracy in East Africa, highlighting its regional logistics, financial prowess, access to the East African market, and its status as a prime destination for foreign direct investment and venture capital.

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Diana Mutheu
Diana Mutheu
Diana Mutheu is a Tech enthusiast, happy to delve deeper into the African tech space covering Social Media, AI, Startups, Telcos, Cryptocurrency, Big Data, Women in Tech and all matters Tech. Write to me @[email protected]

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