US hails Ruto’s investment strategy as bold, progressive

Nairobi, Kenya - Assistant Secretary of State for African Affairs Frank Garcia described President William Ruto's investment strategy as "bold" and progressive, highlighting Kenya's emergence as a leading gateway to the continent's expanding market. Speaking at the American Chamber of Commerce (AmCham) Kenya Business Summit, Garcia praised the Kenyan government for implementing reforms aimed at improving the country's investment climate.

These reforms included changes to transfer pricing regulations, Kenya's move towards accession to the Budapest Convention on Cybercrime, and the Strategic Goods Control Bill. Garcia emphasized that Africa is at a "strategic inflection point" and could become a global economic powerhouse if governments embrace open and collaborative approaches to investment.

Since the beginning of the Trump administration, the US State Department has closed 50 transactions worth $28.2 billion across sub-Saharan Africa. Kenya is positioned as a regional hub for global companies seeking access to Africa's growing consumer market, with the continent representing a $3.4 trillion market. The US has welcomed the extension of the African Growth and Opportunity Act (AGOA) by two years, with more than 70% of Kenya's exports to the US currently entering duty-free under AGOA.

President Ruto urged American companies to establish regional headquarters in Kenya and use it as a springboard into the wider African market, noting that Kenya is connected to markets of more than 300 million, 700 million, and 1.4 billion people, respectively. US firms have expanded their footprint in Kenya, with recent investments including an $81 million agreement between Sabre and Kenya Airways, a planned multi-purpose arena in Nairobi developed by the Zaria Group, and 15 new pharmaceutical products brought by Pfizer for Kenya's cancer treatment efforts.