Ruto woos US investors to tap into Kenya's market potential

President William Ruto has wooed US investors to take advantage of Kenya’s vast investment opportunities, including human capital, to spur their companies’ growth.

The Head of State, who is in the US for the 79th Session of the United Nations General Assembly (UNGA), said Kenya boosts opportunities beyond the traditional investment sectors, such as industry.

“We have one of the best human capital anywhere in the world, and I say so with a straight face because we do,” Ruto said.

He was addressing the US-Kenya Business and Investment Roundtable on the margins of the assembly at Westin Times Square Hotel, New York.

This year’s UNGA is addressing key global issues, with a focus on climate action, sustainable development and global governance.

The President said Kenya’s Parliament has also enacted legislation to enhance its healthcare, effectively opening up investment opportunities in healthcare infrastructure.

“We have just advertised a big programme that is going to require many companies to invest in our healthcare infrastructure space. This is again another opportunity in the pharmaceutical space, medical devices, ARVs, medical equipment and other health innovations,” the President said.

Still in healthcare, Ruto said there are opportunities to build private hospitals, cancer centres and provision of other special medical services.

The President further said even though Kenya relies on 90 per cent of renewable energy, there still exist investment opportunities in the renewable energy sector – geothermal, wind and solar.

He said Kenya is committed to achieving 100 per cent renewable energy usage in the next seven years but needs investors to bridge the 10 per cent gap.

“I invite the American private sector to invest in closing this gap. It’s a small gap but you can find your way in,” he said.

The President also invited American investors to take advantage of Kenya’s robust agricultural industry where he said lies a lot of potential in equipment manufacture and technologies.

He added that because of the ravages of climate change, there also exists an opportunity for companies to exploit the space created by smart agriculture by way of manufacturing new seed varieties that are capable of coping with the adverse weather changes.

“That space is ripe for expansion; I say so because I’m a farmer myself.”

The President said there are also opportunities to exploit by provision of value chains in the tea, coffee, cotton, leather, edible oil and the blue economy.

State House Spokesperson Hussein Mohammed said ahead of Ruto’s departure for the US that the President would also use the UNGA platform to advocate for reforms in multilateral institutions and push for a more equitable and responsive global order that addresses the needs of Kenyans and Africans at large.