Ruto courts Russian investors to narrow Kenya's trade gap

President William Ruto shakes hands with a Russian official upon arrival in Moscow for the Russia-Africa Summit, where he is seeking stronger trade and investment ties between Kenya and Russia. [PCS]

President William Ruto is seeking Russian investment in Kenyan manufacturing and infrastructure as he attends the Third Russia-Africa Summit in Moscow.

Ruto departed Nairobi on Tuesday, October 27, for the summit and the accompanying Russia-Africa Economic and Humanitarian Forum, scheduled for October 28 to 30.

Prime Cabinet Secretary and Foreign Affairs Cabinet Secretary Musalia Mudavadi had travelled ahead of him.

The summit brings together Russian and African leaders to discuss political cooperation, security, trade and economic development.

Kenya is using the engagement to seek wider markets for its exports and attract investment into local industries.

At a business roundtable in Moscow, Ruto said bilateral trade between Kenya and Russia stood at about Sh49.4 billion ($380 million) in 2025, with Kenya exporting goods worth Sh6.8 billion ($52 million) and importing Sh42.9 billion ($330 million).

He put Russian investment in Kenya at an estimated Sh2.9 billion ($22 million).

Kenya’s trade statistics show that the country imported goods worth Sh33.33 billion from Russia in 2025 and exported goods worth Sh6.73 billion, leaving a trade deficit of Sh26.6 billion.

Ruto wants Russian companies to establish production facilities in Kenya, particularly in fertiliser manufacturing, mining, engineering, transport, agro-processing and irrigation.

He described Africa’s reliance on exporting raw materials and importing finished goods as “neither sustainable nor acceptable”, calling for greater value addition, local manufacturing, job creation and technology transfer.

The President argued that Kenya could serve as a production base for companies seeking access to the wider African market.

Ruto said Kenya was mobilising Sh5.2 trillion ($40 billion) for infrastructure over the next decade, presenting the programme as an opportunity for private investors.

He pointed to the National Infrastructure Fund and urged Russian firms to consider opportunities in energy, transport and other infrastructure projects.

Renewable energy is another area Kenya is promoting. Ruto said 93 per cent of the country’s electricity comes from renewable sources and identified geothermal development, green hydrogen, electric mobility and energy infrastructure as potential investment areas.

He also cited Kenya’s population of about 55 million, its young workforce and its digital economy as advantages for investors.

Mobile money transactions exceeded Sh58.4 trillion ($450 billion) in 2025, according to figures in his statement.

He added that nearly 85 per cent of adults were financially included.

Ruto put Kenya’s gross domestic product at Sh17.7 trillion ($136 billion) and economic growth at 5.3 per cent in 2025.

Kenya targets wider African market

Ruto urged investors to look beyond Kenya’s domestic market and consider opportunities under the African Continental Free Trade Area (AfCFTA), which aims to create a single market across the continent.

He said Kenya attracted Sh415.6 billion ($3.2 billion) in foreign direct investment in 2025, while East Africa received Sh1.95 trillion ($15 billion) and Africa Sh9.09 trillion ($70 billion).

United Nations Trade and Development (UNCTAD) reported that Africa received about Sh9.09 trillion ($70 billion) in foreign direct investment in 2025, down from Sh12.21 trillion ($94 billion) in 2024.

The continental figure was the third-highest annual total since 1990.

Kenya’s participation in the summit comes as the government seeks to diversify export markets and attract investment into sectors that can increase the value of locally produced goods.