By Ebi Kesiena
President William Ruto has said his government is pursuing ambitious reforms that will turn Kenya into a regional business hub.
According to Ruto, the installation of a pro-business tax regime is one of the means through which the government aims to court foreign investments.
President Ruto stated this on Friday during an investment forum and engagement at the Silicon Valley in San Francisco, United States.
“A more investor-friendly environment will allow businesses to innovate, thrive and create more economic opportunities for the people,” he said.
Ruto said Kenya had upgraded its data protection regulations in line with the Global Cross-Border Private Rules framework, to secure green energy and good infrastructure.
“We have also eliminated VAT on exported services and abolished tax on stock-based compensation for employees of start-ups.”
He assured global firms of Kenya’s ample supply of energetic, gifted and skilled human capital.
Ruto added that Kenya is also supporting entrepreneurs through the creation of a digital hub in every ward.
“This will offer learning and innovation to more than one million talents. This incredible talent pool will serve your businesses.”
Also, US Ambassador to Kenya Meg Whitman added that Kenya is the most stable democracy in East Africa, a regional logistics and leading financial hub, a gateway to the East African market and a key destination for foreign direct investment and venture capital.
US Ambassador to Kenya Meg Whitman, British Robinson, Coordinator Prosper Africa, several investors and captains of industry attended the forum.
