Ruto courts Italian investors to power Kenya's AI and innovation drive

President William Ruto during an engagement with Kenyans living in Italy, in Rome. [PCS]

President William Ruto has called for deeper investment ties between Kenya and Italy, urging venture capital players to back the country’s growing innovation and artificial intelligence ecosystem.

Speaking on Tuesday at the “Growing Together Through Partnership” forum in Rome, Ruto said Kenya is positioning itself as a leading hub for technology-driven growth through strategic partnerships and investor-friendly policies.

The event, held at Palazzo Generali and organised by Harmonic Innovation Group alongside the Nairobi International Financial Centre and the United Nations Development Programme, brought together investors, policymakers, and industry leaders from both countries.

Ruto noted that Kenya’s economic diplomacy agenda is focused on translating global partnerships into tangible economic opportunities.

At the same time, he highlighted ongoing collaborations with Italy in education, digital infrastructure and space technology, including the expansion of the Luigi Broglio Space Centre as a hub for satellite and AI innovation.

The President also pointed to enhanced connectivity via the Blue-Raman undersea cable, developed by Telecom Italia Sparkle, which links Kenya to Europe and Asia.

At the centre of his pitch was the ambitious “AI 10 Billion Initiative,” led by the African Development Bank and UNDP.

The programme seeks to mobilise up to $10 billion by 2035 to drive Africa’s digital transformation, potentially creating 40 million jobs and generating significant economic growth.

Ruto said Kenya is already setting up a dedicated AI investment vehicle under the Nairobi International Financial Centre to attract blended finance and scale innovation.

He invited Italy to anchor co-investments under its Mattei Plan, positioning the partnership as a model of collaboration between the Global North and South.

The President also welcomed the launch of the Next Generation Africa 2026 Kenya Edition, a platform linking East African startups with European investors. The initiative has already supported over 175 startups and helped raise more than €15 million.

Kenya attracted approximately $800 million in venture capital in 2025, the highest in Africa, with Ruto emphasising the need to channel more funding to local startups and scale emerging enterprises.

Ruto concluded by reaffirming Kenya’s commitment to fostering a predictable investment environment, urging global investors to take part in shaping Africa’s economic future through innovation-led growth.