Major investment reforms have positioned Kenya as a strategic hub for Africa’s 1.4 billion people, President William Ruto has said. The President said Kenya has deliberately moved from policy to implementation in its efforts to improve the business environment, strengthen investor confidence and attract capital. He made the remarks when he addressed the fifth American Chamber of Commerce (AmCham) Business Summit in Nairobi on Wednesday. The summit, whose theme is “Advancing Mutual Prosperity Through Trade and Investment”, brought together investors and delegates from more than 30 countries. President Ruto pointed out that more than 50 business-enabling reforms have been undertaken over the past three years, many directly responding to concerns raised by investors. Recalling commitments he made at the 2023 AmCham Summit, the President explained that the Government has delivered on several of the pledges. “I said we would remove VAT on exported services. We did. I said verified tax refunds would be paid within six months or become available for offset. That is now law,” he said. He added: “I said we would end the premature taxation of shares allocated to start-up employees. We did. And I said we would remove 30 per cent local equity requirement deterring major technology firms. We removed it.” He noted that other reforms include reduced local ownership requirements for pension sc...
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