President Ruto of Kenya holds discussions with high-ranking officials from US tech firms
Date: 2023-09-16
Kenyan President William Ruto has held discussions with top executives from major US-based tech companies such as Apple, Intel, Google, and Microsoft during a recent investment forum in Silicon Valley, San Francisco.
President Ruto, who is currently on
an investment tour of the US with government officials and business leaders,
highlighted Kenya's abundant supply of talented and skilled human capital
pivotal in driving the country's tech sector.
He revealed that Kenya is actively
developing a workforce that is well-suited for the rapidly changing tech
industry and that the government is supporting entrepreneurs by creating
digital hubs in every ward, offering invaluable learning and innovation
opportunities to over one million talented individuals that will help propel
businesses forward.
“A
more investor-friendly environment will allow businesses to innovate, thrive
and create more economic opportunities for the people,” he said.
He also assured these companies that
Kenya has recently upgraded its data protection regulations in line with the
Global Cross-Border Private Rules framework, has good infrastructure, and is
secure, adding that Kenya is committed to attracting quality foreign
investments and pursuing ambitious reforms that will turn Kenya into a regional
business hub. To this end, Kenya has eliminated VAT on exported services and
abolished tax on stock-based compensation for employees of start-ups.
“We have also eliminated VAT on exported services and
abolished tax on stock-based compensation for employees of start-ups,” he
stated.
The investment forum was attended by US Ambassador to Kenya
Meg Whitman, British Robinson, Coordinator Prosper Africa, several investors,
and captains of industry. Ambassador Whitman spoke highly of Kenya, stating
that it is the most stable democracy in East Africa, a regional logistics and
leading financial hub, and a key destination for foreign direct investment and
venture capital.
By: Nana Appiah Acquaye
