Kenya pitches business as Ruto meets top business leaders in Atlanta

Kenya's President William Ruto recently met with American business leaders in Atlanta to outline key areas of investment in technology, education, film, and health. During the meeting, President Ruto emphasized the strong 60-year-old relationship between Kenya and the United States, based on shared values of democracy, freedom, and enterprise, encouraging international businesses to invest in Kenya. One example of successful investment in Kenya is Contegra, which raised $15 million in debt and equity investments with the help of President Ruto's efforts. This investment has enabled Contegra to engage with over 30,000 Kenyan farmers, expanding their manufacturing capacity. Victory Farms also benefitted from Transaction Advisory Services, mobilizing over $30 million to boost Kenya's exports. President Ruto highlighted the success stories of these pioneering firms as examples of the investment potential in Kenya and Africa as a whole. He emphasized the existence of opportunities for profitable investments in Kenya and urged American businesses to be part of Africa's promising future. Kenya's entrepreneurial ecosystem has been thriving, attracting close to $800 million in startup capital in 2023 and claiming the top spot in Africa. The country has been receiving significant startup capital, outperforming leading countries like Nigeria, Egypt, and South Africa. The startup ecosystem in Kenya is strong in sectors such as e-commerce, fintech, agriculture, health tech, apparel, electronics manufacturing, and green energy. President Ruto pointed out several advantages that Kenya offers to potential investors, including being the gateway to East Africa, having a well-educated English-speaking workforce, and the emergence of Silicon Savannah as a hub for innovation. He highlighted the opportunities in sectors like health tech, endorsing companies like Zipline that are making a positive impact by delivering essential drugs and blood to underserved areas using drones. Advanced manufacturing is another sector where Kenya is poised to lead, with companies like Semiconductor Technologies Limited (STL) making significant strides in semiconductor manufacturing and nanotechnology. President Ruto compared STL to what Intel was to Silicon Valley, indicating the potential for Kenya to become a leader in the technology space. In terms of infrastructure, Kenya has invested heavily in developing a modern and efficient transport, communication, and energy infrastructure. The country's network of ports, railways, roads, and airports reinforces its position as the gateway to East, Central, and Southern Africa. Additionally, 93% of Kenya's national grid is powered by renewable energy sources like hydro, wind, solar, and geothermal, with a target to achieve 100% clean energy supply by 2032. To provide a conducive business environment, Kenya has been working on updating tax policies to ensure predictability for long-term investment decisions. Measures such as aligning the digital services tax regime with international standards and expediting tax refund claims have been implemented to support businesses in Kenya. President Ruto's meeting with American business leaders in Atlanta aimed to showcase the investment opportunities in Kenya and the conducive business environment that the country offers. By emphasizing the success stories of companies like Contegra and Victory Farms, President Ruto highlighted the potential for profitable investments in Kenya's burgeoning sectors. With a focus on technology, education, film, and health, Kenya invites American businesses to be part of Africa's future success story.