Ruto woos US investors with tax incentives for start-ups

Wednesday, May 22nd, 2024 10:49 | By
President William Ruto addressing the US investors. PHOTO/@WilliamsRuto/X.
President William Ruto addressing the US investors. PHOTO/@WilliamsRuto/X.

President William Ruto has told the United States business leaders to invest in Kenya.

Ruto who is on a four-day state visit to the US told delegates at an investors meeting of Atlanta-based companies in Georgia that Kenya is a strategic business location for investors seeking to enter the African continent.

The head of state also marketed Kenya as a country with skilled workforce and modern infrastructure.

“We are renowned for our well-educated, highly skilled, hospitable, and enterprising population, including motivated young men and women who reflect our entrepreneurial spirit,” he said.

Tax exemption

He reiterated Kenya's commitment to renewable energy and conducive business environment, reforms in tax policies and incentives for start-up companies, which he said are exempted from paying taxes.

He attributed the tax exemption to unrealized gains on employee-allocated shares.

"93 per cent of Kenya's national grid is powered by renewable energy from abundant hydro, wind, solar, and geothermal sources, placing us on track to achieving a 100 per cent clean energy supply by 2032," Ruto told the investors.

President William Ruto at an investors meeting of Atlanta-based companies in Georgia. PHOTO/@WilliamsRuto/X.

The president also highlighted the removal of barriers for foreign investment in the ICT sector.

"Kenya means business. We urge international businesses to capitalise on the 60-year-old Kenya-U.S. relationship that is grounded on shared values of democracy, freedom and enterprise to invest in Kenya. A good return on investment is guaranteed, especially in our renewable energy, housing, manufacturing, agriculture and ICT sectors,” he said.

Export Processing Zones

In addition, Ruto pointed out that Kenya has a thriving business environment within Special Economic Zones and Export Processing Zones.

"Kenya works, Kenya means business. As long as you are talking investment, we are ready for you and together, we shall make your vision to be. Welcome to Kenya," Ruto said as he signed off.

President Ruto concluded his tour of Atlanta on his second day of the US state visit, and will today Wednesday, May 22, 2024, kick off the Washington DC tour where he is expected to be accorded “full ceremonial state honours” before meeting a congressional delegation and hold discussions at Capitol Hill.

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