- President Ruto assures US investors of a favorable business climate, including predictable tax regulations, as part of Kenya's efforts to attract long-term investments.
The First Lady of Kenya Rachel Ruto has urged US businessmen to trade with Kenya and the region, taking advantage of Kenya's strategic position as the gateway to East Africa.
According to her, in order to carry out the development initiatives envisioned in the Bottom Up Economic Empowerment Plan, the business community should collaborate with the government. She mentioned that some of the government's top priorities for growth and development are agriculture, MSMEs, housing and settlements, manufacturing, the digital superhighway and creative economy, environment, and climate action.
“Investors are invited to explore the opportunities in these sectors and take advantage of Kenya's young and vibrant population, improved infrastructure, and supportive investment climate,” she said.
Business executives attended a dinner organized by Life Bridge Global in Dallas, USA, where the First Lady spoke. Life Bridge International is an American non-profit organization that works to raise the standard of health in communities all around the world, particularly in underdeveloped nations.
She reassured the US investors that Kenya is open for business and has switched its interaction with development partners from aid to commerce. She discussed the Bottom Up, Economic Transformation Agenda 2022–2027 of the administration headed by President William Ruto, which aspires to make Kenya a prosperous and effective nation.
In light of the ongoing drought, the first lady again emphasized the significance of environmental and climatic action. In the midst of current negotiations for the Strategic Trade and Investment Partnership (STIP), President Ruto has actively pushed Kenya to US investors since entering office.
At the March American Chamber of Commerce (AmCham) business conference in Nairobi, President Ruto assured investors that the government is dedicated to fostering an atmosphere that is favorable for businesses to operate.
The President promised investors a more predictable tax system in an effort to increase Kenya's appeal, emphasizing that private sector participants make long-term investment choices in an environment with predictable regulations, including tax laws.
“This policy that will enhance transparency in our tax regime will take effect by June 2023 and will now be in place for a minimum of three years,” Ruto said.