NAIROBI,Kenya, Sep 9- President William Ruto has sought to reassure foreign investors that Kenya remains open for business, promising greater policy predictability and new safeguards against regulatory uncertainty amid mixed reactions to his recent remarks on foreign investors, including Tata Chemicals.

📻 Breaking It Down

Addressing the fifth American Chamber of Commerce (AmCham) Business Summit in Nairobi on Wednesday, Ruto said Kenya was positioning itself as a gateway to African and global markets and urged international companies to produce, innovate and expand from the country.

His remarks come against the backdrop of a renewed debate over the government’s approach to foreign investment, particularly following his recent pronouncements on foreign investors and the dispute involving Tata Chemicals at Magadi.

Ruto used the summit to make the case that Kenya’s investment proposition is increasingly anchored on reforms intended to give businesses greater certainty, rather than presidential assurances alone.

📌 What You Need to Know

“Predictability is the product Kenya is selling. Capital does not move because a President issues a directive,” he said.

“It moves when the rules are clear, licences are issued on time, verified refunds are paid promptly, contracts are respected, and agreed terms do not change halfway through an investment.”

The President said the government had implemented more than 50 business-enabling reforms over the past three years covering taxation, finance, licensing, regulation and special economic zones.

He cited the removal of VAT on exported services, legislation providing for verified tax refunds to be paid within six months or offset against tax liabilities, and the removal of a 30 per cent local equity requirement that had discouraged major technology companies.

Ruto said Kenya’s foreign direct investment had more than doubled from $1.5 billion in 2022 to $3.2 billion over the past three years, attributing the increase to growing investor interest in renewable energy, the digital economy and manufacturing.

He said the country was seeking to capture a bigger share of investment flowing into Africa, which he said remains disproportionately low compared with the continent’s economic potential.

📰 Source: Capital FM Kenya