President William Ruto pledged to create a conducive environment for US billionaires to invest their money in Kenya.
Speaking during an investment forum and engagement at the Silicon Valley in San Francisco on Friday, September 15, the Head of State noted that the Kenya Kwanza administration was pursuing ambitious reforms to turn the country into a business hub.
Ruto told the billionaires and other such rich individuals who attended the forum that his administration had installed a pro-business tax regime as one of the means through which the government aims to court foreign investments.
“A more investor-friendly environment will allow businesses to innovate, thrive and create more economic opportunities for the people,” he stated.
“We have also eliminated VAT on exported services and abolished tax on stock-based compensation for employees of start-ups,” he added.
Besides tax incentives, Ruto told the investors that his administration had managed to upgrade its data protection regulations in line with the Global Cross-Border Private Rules framework.
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,” he stated.
The Head of State pointed out that Kenya was 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,” the Head of State insisted.
US Ambassador to Kenya Meg Whitman, British Robinson, Coordinator Prosper Africa, several investors and captains of industry attended the forum.
Ambassador Whitman lauded the country’s democracy indicating that it was the most stable in East Africa.
Further, she told investors that Kenya was a regional logistics and leading financial hub, a gateway to the East African market, and a key destination for foreign direct investment and venture capital.
