Return on investment guaranteed in Kenya, DP Ruto tells Americans

September 24, 2016
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Ruto said the country has cut down bureaucracy to register companies, expanded infrastructure and distributed electricity on a large scale. Photo/FILE.
Ruto said the country has cut down bureaucracy to register companies, expanded infrastructure and distributed electricity on a large scale. Photo/FILE.
NEW York, US, Sep 24 – Deputy President William Ruto has urged American investors to consider investing in Kenya, saying it has the best infrastructure and environment for maximum returns.

Ruto assured investors in the US where he was attending the UN General Assembly that the Government has put in place proper infrastructure that will provide mutual benefit to countries trading with Kenya.

“Kenya is ready for investment. We are not looking for aid or grants; we want investors who can make returns as well as create jobs for our people. We are a competitive country and we have tremendously improved the climate of doing business,” he said during a roundtable with the Business Council for International Understanding in New York, US on Friday.

Ruto said the country has cut down bureaucracy to register companies, expanded infrastructure and distributed electricity on a large scale.

He said Kenya was an attractive destination for Foreign Direct Investment (FDI) in Africa and one of the best emerging markets worldwide.

“We are just getting started. Partner with us, grow with us and trade with us. Kenya is going places. Join us for the ride,” Ruto told the meeting.

The Deputy President said significant investment in infrastructure, agriculture, energy, information technology, transport, water and economic sectors will give the country a competitive advantage over its neighbours and an edge in the global market.

He welcomed public-private partnership saying it will generate strong economic development and reduce poverty.
“The Government welcomes the critical role that can be played by the private sector in mobilising resources for infrastructure development though the Public Private Partnership (PPP). Our doors are open, we are ready to listen,” he said.

He singled out the construction of the Standard Gauge Railway (SGR) from Mombasa to Nairobi as a game changer and catalyst to positioning Kenya as an economic powerhouse.

“This rail will significantly reduce the cost of transport, facilitate faster and cheaper movement of freight and passengers and enhance competitiveness of the economy cementing Kenya’s status as the regional hub for business,” he said.

The Deputy President said focus on agro processing will ensure value addition, create jobs, diversify production and expand the rural economy. He said the recent completion of a second container terminal at the Port of Mombasa will facilitate efficient “clearance of cargo and ease congestion” and make it the “preferred hub in Eastern and Central Africa”.

He noted the important role of the African Growth and Opportunity Act (AGOA) in opening up market access to the US and encouraged substantial investments and trade in Africa.

“I wish to encourage the US private sector to take advantage of AGOA more so after its extension up to September 2025 to invest in Africa in order enhance trade and investment between the two continents,” he said.

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