Kenya – the lynchpin in Netanyahu’s attempt to woo Africans
By Victor MUJIDU
Kenya has begun a global campaign aimed at attracting quality investments.
Speaking during the Israel Investor Roundtable Forum in Tel Aviv, Israel on Wednesday, the President said the Government is keen on making Kenya one of the world’s top business hubs.
“We have a legal system that provides robust protection for property rights and an equally strong rule of law mechanism,” President William Ruto said.
The new move, President William Ruto said, will provide excellent returns on investment at a relatively low risk.
Tapping the potential of an African tech hub, Kenya is an ideal investor for foreign businesses due to its strategic location, highly-skilled human resources, and stability.
On a different event that brought together investors from the Netherlands held at The Hague, Mr. Ruto affirmed that the government is committed to making Kenya an attractive investment destination.
President William Ruto said the government has put in place incentives to attract foreign businesses.
He said the Government is improving its one-stop-shop facility to make it easy for investors to do business in the country by enacting laws to protect investors and liberalizing the foreign exchange regime.
“Our laws permit and support the repatriation of profits by foreign companies,” he stated.
In Tel Aviv, the President confirmed that the country’s tax system is under steady review to align with the country’s investment promotion plan.
He urged the investors to inject their finances into the affordable housing project, renewable energy, preventive health, MSMEs, creative economy, water, and irrigation as well as ICT sectors.
He noted that the country was facing a shortage of houses, especially in major cities.
“We have taken measures to implement reforms to attract foreign direct investments,” he said.
“We are also pursuing a plan of cooperation in tourism, culture, and heritage, and film production.”
President Ruto reiterated that Kenya is the ideal investment destination for foreign businesses due to its strategic location, highly-skilled human resources, and stability.
“Direct your interest in the highly-rewarding investment opportunities in Kenya,” the President stressed as he wound up his two-day official visit to Israel.
Kenya-Israel trade ties
In a meeting held by President William Ruto and Israel’s Prime Minister Benjamin Netanyahu, Kenya is on the stand to eliminate barriers in trade with Israel as the duo affirms that the two countries have great potential to boost the economy.
“We must exploit these opportunities because there is a wide range of exports that deserves to reach Israel’s markets,” said President Ruto while visiting the Prime Minister’s office in Jerusalem on Tuesday.
Ruto said that the absence of a Kenya-Israel direct flight has exacerbated the impediment in trade and tourism activities.
In a review of the Bilateral Air Service Agreement, the policy is expected to help elevate the operation of Kenya Airways and EI-AI- the flag carrier of Israel to leverage the trade economy in both the two countries.
Currently, Kenyan exports to Israel stand at $100 million (KES 13.7 billion) while the imports to Israel amount to $7.5 million (KES 1.0 billion) per year with Ruto commenting that the imbalance is not a result of natural equilibrium in Kenya’s export performance but an imposition on export producers.