On April 26, 2023, Cabinet Secretary Dr. Alfred Mutua, delivered the keynote speech at the inaugural Kenya-US Business Roadshow at the Harvard Club in New York, USA. The roadshow attracted a wide array of American investors and business people who were eager to understand why America should invest in Kenya.
The launch, curated by US Ambassador to Kenya, Meg Whitman was graced by Hon. Moses Kuria, Cabinet Secretary for Trade and Investments, Hon. Aden Mohammed, former Minister for Trade and Commerce and current Presidential Advisor on Economic Affairs, Mr. Gregory, Chair Prosper-Africa, and prominent Kenyan investors, Mr. James Mwangi, Equity Bank and Peter Njoroge, Twiga foods inter alia.
Why Kenya?
POLITICAL BIOSPHERE
In his address, CS Mutua explained that Kenya and the US have 60 years of shared values and trust. Over time, Kenya has become the most stable democracy in East Africa with exemplary regard to the rule of law and peaceful transition of political power. Kenya is unique as the only African country privileged to have a Kenya-US Dialogue, an endorsement by the US Government that Kenya is a reliable investment destination for Americans.
MARKET POTENTIAL
As a result, Kenya’s economy is the largest and most diversified in the East African Region, and given her strategic location, Kenya is the gateway to East and Central Africa, a market of over 500 million consumers. Additionally, investors can, through Kenya, take advantage of the enormous market of 1.3 billion people under the AfCTA to expand their businesses.
INFRASTRUCTURE
CS Mutua stated that Kenya is open and ready for business and emphasized on the enviable infrastructure of roads, railways, air and sea transportation that connects Kenya with the Horn of Africa and the East African countries.
LABOUR FORCE
The Cabinet Secretary further indicated that Kenya boasts of a youthful, highly educated, energetic, loyal and innovative labor force that can be leveraged at once to perform, in a “plug and play” fashion.
AREAS OF INVESTMENT
H.E President Dr. William Samoei Ruto administration is committed to spurring rapid economic transformation of Kenya in order to create jobs for all. To this end, I urged the investors to consider supporting the government by investing in the five priority pillars, namely agri- industrial productivity and food security; universal healthcare; digital superhighway; micro, small and medium-size enterprises; and affordable housing.
SUPPLY CHAIN DIVERSIFICATION AND NET ZERO EMISSIONS
CS Mutua concurred with Amb. Whitman that the Kenyan economy amalgamates the two key ingredients of a resilient economy today, that is, supply chain diversification and net-zero emissions. He elucidated that Kenya has a wide range of value chains for investment. In addition, Kenya is powered by renewable energy at the rate of 93% and with the green hydrogen project, she is poised for 100% green energy by 2030, thus heeding the global call to curtail global warming.
EASE OF DOING BUSINESS
The Cabinet Secretary underscored the fact that Kenya is the best place to invest in Africa. The government has moved with speed to ensure that a business can be registered within 48 hours, thus easing Kenya into the top percentile in the Ease of Doing Business Index. Moreover, the government is committed to institute a simple, fair, consistent and predictable tax regime by June this year (2023) in order to incentivize business people. Businesses can be fatally harmed by corruption. In this regard, the Kenyan government has ensured that the Kenya Police Commission and the Directorate of Criminal investigations are independent and autonomous in terms of appropriation of budget funds, thus capacitating them to deal with corruption cases effectively and expeditiously.
AMERICAN COMPANIES IN KENYA
Kenya is home to a wide range of American companies including Coca Cola, IBM, Google, Uber, Oracle, Wrigley etc with many iconic brands like Levi, Calvin Klein, Lee and Wrangler sourcing products. The companies relish Kenya’s peerless culture and hospitality.
HOSPITALITY
CS Mutua encouraged the American investors to flock to Magical Kenya and invest in the hospitality industry in order to create job opportunities for the people of Kenya.