President Ruto: We have a conducive climate for foreign investment

President William Ruto has said Kenya is committed to attracting quality foreign investments in the country.

He noted that the Government is pursuing ambitious reforms that will turn Kenya into a regional business hub.

The Head of State cited the installation of a pro-business tax regime as one of the means through which the Government aims to courting foreign investments.

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

He made the remarks on Friday during an investment forum and engagement at the Silicon Valley in San Francisco, United States.

President Ruto said Kenya had upgraded its data protection regulations in line with the Global Cross-Border Private Rules framework, was secure, home to green energy and good infrastructure.

“We have also eliminated VAT on exported services and abolished tax on stock-based compensation for employees of start-ups,” he said.

He assured global firms of Kenya’s ample supply of energetic, gifted and skilled human capital “who are responsible for driving the country’s tech sector”.

“We continue to develop a workforce fit for the changing world,” said Ruto.

The Head of State pointed out that Kenya is also supporting entrepreneurs through the creation of a digital hub in every ward.

“This will offer learning and innovation to more than one million talents. This incredible talent pool will serve your businesses.”

US Ambassador to Kenya Meg Whitman, British Robinson, Coordinator Prosper Africa, several investors and captains of industry attended the forum.

Ambassador Whitman said Kenya is the most stable democracy in East Africa, regional logistics and leading financial hub, gateway to the East African market, key destination for foreign direct investment and venture capital.