Ruto woos German business moguls to invest in Kenya
By PCS Presidential Communication Service, March 27, 2023
President William Ruto has invited German businessmen to invest in Kenya’s micro, small and medium-sized enterprises.
He said Kenya stands to benefit from the world’s most experienced, organised and resourced German establishments.
Ruto noted that the sector is the backbone of the German economy, generating more than 60 per cent of employment opportunities.
He was speaking on Monday in Potsdamer Platz in Berlin when he met Dr Markus Jerger, the Chairman of Der Mittelstand-German Association of Small and Medium-Sized Businesses (BVMW).
PRESIDENT RUTO URGES GERMAN ENTERPRISES TO INVEST IN KENYA
— State House Kenya (@StateHouseKenya) March 27, 2023
President @WilliamsRuto has invited German businessmen to invest in Kenya’s micro, small and medium-sized enterprises. – https://t.co/LXSdaUEW6j pic.twitter.com/5sulGklqmR
According to Jerger, BVMW represents the interests of more than 3.3 million individual enterprises in the country.
The President noted that the Government is committed — under its Bottom-Up Economic Transformation Agenda — to supporting small enterprises to blossom.
“That is why we have put more than Sh50 Billion in the Hustler Fund to provide affordable credit to millions of Kenyans who depend on the MSME sector for a living.”
He noted that so far, the uptake of the facility has been encouraging.
Jerger noted that there are huge opportunities “for us in Kenya’s value addition programme”.
“We can invest in cold storage technology to reduce post-harvest losses. We are already doing it in Senegal,” he said.
Later, the President held talks with the Federal Association for Economic Development and Foreign Trade (BWA) led by its Chairman Michael Schumann and agreed on the approaches to bringing more German and international businesses to Kenya.
The Association cited food processing, digital economy, intellectual property rights, among others, as some of the potential areas to invest in.