US Ambassador to Kenya, Meg Whitman has asked President William Ruto to develop a consistent, transparent and fairly administered tax policy in order to attract and retain foreign investments.
By her account, the establishment of such a policy will attract foreign investors from the United States, leading to economic growth.
Ambassador Whitman emphasised that the pivotal aspect lies not in achieving the lowest tax rates on the continent, but rather to be consistent in order to foster confidence among Kenyans and potential investors.
“All of you know that more needs to be done but that is why the Finance Bill had many changes that will make Kenyan tax policies more consistent and therefore more bankable by foreign direct investments,” Whitman remarked.
The envoy revealed that Kenya is in the process of negotiating a trade agreement with the US, which is set to be finalised by the end of this year.
Whitman is optimistic that once formulated, the agreement will be a model for African countries and the rest of the world.
Moreover, the diplomat shared with the attendees of the 8th Devolution Conference 2023 taking place in Eldoret, that most US businessmen are attracted to Kenya by the quality of Kenyan talent.
“Every firm that I have spoken to says the Kenyan workforce is the best in the world,” the US Ambassador noted.
In a personal recollection, Ambassador Whitman said that when she was President and CEO of the Hewlett Packard Enterprise, she only considered doing business with Africa about 1% of the time.
To ensure Kenya receives more Foreign Direct Investment (FDI), Whitman asked the President and Governors to roll up their sleeves and make Kenya one of the best performing countries in Africa.
The visibly energized diplomat also weighed in on the 2022 poll, describing it as one of the most free, fair and transparent election in the continent and globally at large.
The diplomat commended President William Ruto for his efforts in reducing container clearance times at Kenyan ports. However, she urged Ruto to also focus on reducing the charges imposed on containers arriving at the ports.
Ambassador Whitman emphasised that in order for Kenya to achieve its full developmental potential, it is imperative for the Head of State to address the issue of corruption within the country.
She noted that corruption not only hinders economic growth and job creation but also undermines equitable participation in a nation's prosperity.
