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President Ruto on Friday met with several investors at the Executive Business Roundtable and Investment Forum in Washington, DC, where he committed to diversify Kenya’s trade with the US in order to accelerate the country’s economic recovery.
The president told the forum that Kenya offers the added advantage of its geostrategic address as an additional compelling attraction to foreign businesses.
“Kenya has an elaborate and robust policy and legal framework that guide the conduct of trade and investment,” he said.
Ruto said the government will continue pursuing pro-business policies and incentives, a demonstration that Kenya is indeed an investment destination of choice.
“The US-Kenya trade is narrow and concentrated in a few products. It is time we diversify the range and expand the volumes for our economic growth,” he added.
Ruto rang the closing bell at the New York Stock Exchange, alongside First Lady Rachel Ruto, Prime Cabinet Secretary Musalia Mudavadi, Trade CS Moses Kuria, Treasury CS Njuguna Ndung’u, and Foreign Affairs CS Alfred Mutua.
“We are intentionally re-energizing capital markets to make them more efficient, effective, and vibrant in recognition that they power our economic prosperity,” said Ruto.
President Ruto was among the 49 African heads of state who congregated in Washington for the three-day US-Africa Leaders’ Summit, which was hosted by President Joe Biden.
Ruto said the high-level meeting provided an important venue for the US and Kenya to improve economic ties and drive mutually beneficial trade and investment.
Kenya’s exports to the US grew by 47 percent to Sh38.8 billion in the first half of the year, surpassing Uganda to become the largest market for Kenyan goods.
The country exported Sh59.6 billion worth of goods to the US in 2021, mainly apparel, macadamia nuts, coffee, tea and titanium ores, according to the Congressional Research Service. On the flip side, the US exported goods valued at Sh84 billion last year, with aircraft, plastics, machinery and wheat among the biggest categories.
Why destroy our flagship carrier.
Why not give jobs to professionals
Instead of giving to a person just because he voted for you.
Where is igaathe now? And so many others relocating to USA and Europe just because they cannot find jobs in Kenya just because they are not supporting the ruling party. Be honest, what professionalism does those who were given jobs last week do they have. It pains me a lot to seem highly educated Kenyans relocating to other countries after being educated/trained with public money, look at nurses, they are frocking to Europe, while in Kenya, you spend the whole day in hospital for lack of nurses....what nonsense..
This is good .This is where the jobs and improved economy are going to come from. The potential for peace, stability and economic development in the EAC region is attracting Wall Street companies as well as other western companies. Kenya is well suited to benefit.