Kenyan President William Ruto departed Nairobi for New York on Saturday, where he will attend the 81st United Nations General Assembly (UNGA). During his five-day visit, Ruto will promote Kenya as a prime investment destination, focusing on key sectors such as agriculture, healthcare, technology, and infrastructure. He aims to attract investors to support the development of these industries.
One of the flagship projects Ruto will be promoting is the construction of a $17 billion oil refinery in Lamu, which is expected to create over 60,000 jobs and enable Kenya and neighboring countries to become self-sufficient in fuel production. The refinery, set to begin construction on September 30, will have a capacity to refine 700,000 barrels of oil per day.
Ruto will also collaborate with Nigerian business magnate Aliko Dangote to lead investment meetings organized by the Africa Finance Corporation and the Global Africa Business Initiative. According to Hussein Mohamed, a spokesperson for the State House, Ruto will advocate for an "Africa-financing-Africa" plan, which seeks to utilize African savings and capital to fund the continent's development.
During his address at the UNGA, Ruto will call for reforms and global guarantees that will enable the use of this capital for infrastructure, trade, and other development priorities. He will also launch the National Infrastructure Fund, which aims to raise up to $40 billion through private and institutional investors without increasing government debt.
Technology and Artificial Intelligence (AI) will also be key areas of focus during Ruto's visit. He will co-lead the AI Middle Powers Initiative with Finnish President Alexander Stubb, which aims to pool computer resources, data, and expertise to help countries develop their AI capabilities.
The initiative is expected to bring together resources and expertise from various countries to support the development of AI. Ruto's visit to the UNGA provides an opportunity for Kenya to showcase its potential as an investment hub and a leader in technological innovation.
The President's efforts to attract investment and promote Kenya's economic growth come as the country seeks to strengthen its position as a major player in the region. With a focus on sustainable development and technological advancement, Ruto's visit to the UNGA is expected to yield significant results for Kenya's economic future.
Key points
- Ruto to promote Kenya as a prime investment destination at the 81st UN General Assembly
- The construction of a $17 billion oil refinery in Lamu is expected to create over 60,000 jobs
- Ruto will co-lead the AI Middle Powers Initiative with Finnish President Alexander Stubb
