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President William Ruto has positioned Kenya as a prime business destination for investors targeting the domestic market, East Africa, the Horn of Africa, and the broader continent. During a four-day State visit to the United States, Ruto addressed delegates from Atlanta-based companies, emphasizing Nairobi’s unparalleled geo-strategic advantages.
“Nairobi’s strategic location makes it a rational and strategic choice for many global multinational firms, international organizations, and NGOs,” President Ruto told American investors. He praised Kenya’s well-educated, highly skilled, and enterprising population, highlighting the nation’s motivated young workforce as a reflection of its entrepreneurial spirit.
Ruto detailed Kenya’s significant investments in modern and efficient transport, communication, and energy infrastructure, reinforcing the country’s status as a regional gateway. He noted that 93% of Kenya’s national grid is powered by renewable energy sources, including hydro, wind, solar, and geothermal, with a goal of achieving a 100% clean energy supply by 2032.
The President also discussed recent updates to Kenya’s tax policies aimed at creating a more predictable tax regime. These updates include aligning the Digital Services Tax with the Organisation for Economic Cooperation and Development (OECD) inclusive framework, removing VAT on exported services, and processing verified tax refund claims within six months.
Ruto highlighted the support for start-ups, which are now exempt from taxes on unrealized gains from employee-allocated shares. This move aims to strengthen Kenya’s start-up ecosystem, which was the most funded in Africa last year. He also mentioned the repeal of the National ICT Policy that required foreign companies to have a 30% domestic equity, facilitating greater investment in the ICT sector.
“We are committed to attracting significant foreign direct investment by creating a stable, transparent, and predictable business environment,” Ruto stated.
President Ruto’s visit to the United States, the first by an African leader in 15 years, aimed to strengthen ties with the U.S. and open doors to investment. The visit began on Monday and concluded on Thursday.
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