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.
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.
“Kenya is open and ready for business,” Ruto said.
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.
“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.
According to the President, global foreign direct investment stands at about $1.6 trillion, while Africa attracts roughly $70 billion, equivalent to 4.3 per cent.
“Africa must claim a larger share, and Kenya intends to lead that effort,” he said.
Ruto said Kenya offers investors access to its domestic market as well as more than 300 million people in the East African Community, 700 million in COMESA and a continent-wide market of 1.4 billion people through the African Continental Free Trade Area.
“Our proposition is clear: Produce here, innovate here and serve Africa and the world from Kenya,” he said.
American companies, he added, have committed more than $600 million (Sh78 billion) in new projects since the last AmCham summit.
Among the investments are Oracle’s selection of Kenya for its first public cloud region in Africa, Coca-Cola’s $175 million (Sh22.7 billion) commitment, Mars Wrigley’s $103 million (Sh13.3 billion) production line at Athi River and a new manufacturing plant being established by SC Johnson.
Ruto also said Ford Motor Company was exploring opportunities in Kenya.
The President announced additional measures aimed at reducing regulatory uncertainty, including advance pricing agreements, which he said would help minimise tax disputes and provide investors with greater certainty.
He also pointed to the Investment and Export Promotion Bill, 2026, currently before Parliament, which is expected to provide safeguards against unlawful expropriation, guarantee repatriation of capital, profits and dividends and establish a specialised Investment Tribunal and Presidential Dialogue Forum.
The summit brought together investors and delegates from more than 30 countries under the theme, “Advancing Mutual Prosperity Through Trade and Investment.”
