Deputy President William Ruto cites development record to woo US investors

Deputy President William Ruto. He said Kenya has the best business climate and offers maximum return on investments. (PHOTO: COURTESY)

Kenya has the best business climate and offers maximum return on investments, Deputy President William Ruto has said.

Ruto assured United States investors that the government had put in place adequate supportive infrastructure.

“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,” the Deputy President said during a round-table with the Business Council for International Understanding in New York, US on Friday.

The DP announced the government had cut red tape in registration of companies, expanded infrastructure and distributed electricity on a large scale to facilitate trade.

He said Kenya was an attractive destination for Foreign Direct Investment 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 DP said significant investment in agriculture, energy, information technology, transport, water and economic sectors will give the country a competitive advantage over its neighbours in the global market. He welcomed public-private partnership saying this will promote 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. Our doors are open, we are ready to listen,” he said.

Ruto cited the construction of the Standard Gauge Railway from Mombasa to Nairobi as a game changer in 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 DP noted that focus on agro processing will ensure value addition, create jobs and expand the rural economy.

He raised optimism that the 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”.

The Deputy President urged the investors to take advantage of the African Growth and Opportunity Act to invest in Africa.