During a four-day State visit to the United States, President William Ruto emphasized Kenya’s strategic appeal for investors targeting the domestic, East African, Horn of Africa, and continental markets.
Speaking at a meeting with Atlanta-based companies in Georgia, Ruto underscored Nairobi’s unmatched geo-strategic position, describing it as “a rational and strategic choice for many global multinational firms, international organisations and NGOs.”
“We are renowned for our well-educated, highly skilled, hospitable, and enterprising population, including motivated young men and women who reflect our entrepreneurial spirit,” he told the American investors.
He further showcased Kenya’s investment in modern and efficient transport, communication, and energy infrastructure, bolstering the country’s role as a regional gateway.
Highlighting Kenya’s commitment to renewable energy, Ruto noted, “93 per cent of Kenya’s national grid is powered by renewable energy from abundant hydro, wind, solar, and geothermal sources, placing us on track to achieving a 100 per cent clean energy supply by 2032.”
The President also mentioned ongoing reforms to Kenya’s tax policy to create a more predictable environment for investors.
Since June of the previous year, these updates have aimed at a stable tax regime over a minimum of three years.
Ruto elaborated on Kenya’s revised Digital Services Tax, now aligned with the Organisation for Economic Cooperation and Development (OECD) inclusive framework.
Notably, VAT on exported services is no longer payable, and verified tax refund claims are processed within six months, allowing taxpayers to offset claims against future liabilities if delays occur.
He further announced tax exemptions for start-ups on unrealized gains from employee-allocated shares, strengthening Kenya’s vibrant start-up scene, which received the highest funding in Africa last year.
Additionally, the repeal of the National ICT Policy, which mandated a 30% domestic equity for foreign companies, has facilitated greater investment in the ICT sector.
“We are committed to attracting significant foreign direct investment by creating a stable, transparent, and predictable business environment.
Consequently, we are continuously enhancing our institutional framework, and regulatory regime, and providing incentives, to attract foreign investment,” he added.
This visit, the first by an African leader to the U.S. in 15 years, aims to bolster bilateral relations and encourage investment.
The visit commenced on Monday and will conclude on Thursday.
On Wednesday, Ruto is scheduled to receive “full ceremonial state honours” in Washington D.C., as announced by the State House, followed by meetings with a congressional delegation and discussions at Capitol Hill.
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