Monday, June 19, 2023 – Deputy President Rigathi Gachagua has appealed to foreign investors to invest in the country, highlighting the favourable business environment created by the Kenya Kwanza administration.
This comes even as millionaire investors continue to flee the country due to high taxation by President William Ruto’s government.
According to the Henley Private Wealth Migration Report 2023, over 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 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.
However, Gachagua moved to assure investors that everything was good and that their money was safe in Kenya.
Speaking during the opening ceremony of the Africa Real Estate Workshop in Nairobi, Gachagua announced that Ruto had gone out of his way to lay out new strategies to attract investments.
According to Gachagua, one of the strategies implemented by 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.
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.
The former Mathira MP told realtors the country needed investors in the housing (specifically the affordable housing program) and aviation industries.
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