Business

President Ruto to Chinese investors: Kenya is open for business

President William Ruto after he witnessed the signing of a Memorandum of Understanding between Kenya and Huawei that will accelerate Kenya's digital transformation in Beijing, China on October 16, 2023. (Photo: PCS)

By Amina Wako | Tuesday, October 17, 2023

The President urged Chinese investors to exploit opportunities in the fields of energy, water and housing in Kenya.

President William Ruto has asked Chinese investors to take advantage of Kenya’s conducive business environment to foster mutually beneficial partnerships.

He observed that collaboration in critical sectors of the economy will drive economic growth for both nations.

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“We have an array of opportunities in infrastructure, ICT, agriculture and energy and I encourage you to invest there.”

The President made the remarks during a meeting with Mr Li Xi, a senior member of China’s Communist Party Political Bureau in Beijing, China.

Mr Xi pledged China’s support to its companies operating in Kenya.

Among the projects China is keen to invest in include road construction, expansion of the Standard Gauge Railway, modernization of the country’s airports and ICT sector.

“China and Kenya have a shared dream of eradicating poverty through socioeconomic transformation from the bottom and we have identified areas that we can support to realize this vision,” Mr Xi said.

Bottom-Up Agenda

Mr Xi said his country identifies with President Ruto’s Bottom-Up Economic Transformation Agenda that advocates for inclusive economic growth.

“Your bottom-up economic approach is aligned with President Xi Jinping’s belief and we will support your programmes,” he added.

The President in particular urged Chinese investors to exploit opportunities in the fields of energy, water and housing in Kenya.

President William Ruto when he landed in Beijing, China on October 15, 2023. (Photo: PCS)

He said Kenya will support investors who will add value to the country’s abundant raw materials.

“Kenya presents real opportunities for investment especially in transformative areas of our economy such as energy, water and housing,” said President Ruto.

He made the remarks on Monday when he toured China’s Engineering Corporation Limited in Beijing.

The President is on a visit to Asian nation for the China, for the Third Belt and Road Forum for International Cooperation.

On Monday, the President witnessed the signing of a Memorandum of Understanding (MoU) between the Ministry of Energy and Petroleum and Energy China.

The MoU will optimise the flexibility and reliability of Kenya’s electrical power system; it will also cover the planning, designing, transformation and modernisation of power generation, transmission and distribution lines and substations.

President William Ruto after he met Huawei officals in Beijing, China on October 16, 2023. (Photo: PCS)

Other aspects of the MOU include unlocking the potential of renewable energy and advanced energy storage for supporting higher domestic energy sufficiency.

At the same time, the President witnessed the signing of another MoU with the Huawei corporation.

The two parties will collaborate to develop Kenya’s ICT infrastructure and promote the digitization of the transportation, e-government, education and digital energy sectors advancing Kenya’s Digital Superhighway and Bottom-up Economic Transformation Agenda.

It will also help cultivate digital skills and enhance capacity building.

President Ruto also praised Huawei telecommunications company for its commitment to helping Kenya accelerate its digital inclusion.