Deputy President Rigathi Gachagua on Thursday, June 15, appealed to foreign investors to consider channeling their investments into the country, highlighting the favourable business environment created by the Kenya Kwanza administration.
Speaking during the opening ceremony of the Africa Real Estate Workshop in Nairobi, the second in command announced that President William Ruto had gone out of his way to lay out new strategies to attract investments.
According to Gachagua, one of the strategies implemented by President William Ruto was the elimination of bureaucracy and red tape, which he observed was a huge source of frustration for investors.
Gachagua further told the real estate investors gathered at the workshop that Ruto had instructed all his Cabinet Secretaries and government agencies to eliminate all trade barriers.
"This country is enjoying an administration that’s focused and that has done away with bureaucracy and red tape to encourage investment. All our agencies, our Cabinet Secretaries have clear and unequivocal instructions from the President not to subject investors to unnecessary bureaucracy and red tape," Gachagua stated.
In addition to removing obstacles, Gachagua reassured investors that Kenya possessed a professional workforce across all sectors. He urged them to invest their capital in diverse projects, taking advantage of the available talent pool.
Moreover, Gachagua cited political stability and a recovering economy as the main reasons why investors should funnel investments into the country.
"We host the United Nations because of the peace and stability in our country. Labour is not expensive. We have a vibrant workforce with good work ethic. The Kenyan people are workaholics and take pride in their achievements," he insisted.
The former Mathira MP told realtors the country needed investors in the housing (specifically the affordable housing program) and aviation industries.
"The future in Kenya is urban, but we don’t have enough houses so the market is huge. Look around and invest in this sector.
"We hold this meeting even as Kenyans are engaged in a robust debate on housing. This public debate emanates from the government’s plan to provide decent and affordable housing to dignify our people. We identified the gap in housing and strategised on filling it," he added.
Gachagua's assurances to capitalists came even as the Henley Private Wealth Migration Report 2023 revealed that that around 100 affluent investors had departed the country, prompting a need to restore investor confidence.
The report cited political instability and a high taxation regime as the major reasons behind the exodus.
In what served as a major blow to the Kenya Kwanza administration, the report also pointed out that another 100 affluent investors were contemplating leaving the country to find other safe havens.
