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Kenya geared up for U.S.-led summit on entrepreneurship

Xinhua, July 25, 2015 Adjust font size:

Kenya's Deputy President William Ruto said Kenya was "adequately prepared" to host a summit on entrepreneurship which is scheduled for Saturday and to be attended by U.S. President Barrack Obama.

"We have finalized all the logistics required to facilitate hosting of an estimated 3,000 delegates at the Global Entrepreneurship Summit. Kenya is honored to host President Obama at the summit," said Ruto.

It is the first time the summit is held in Sub-Saharan Africa.

Speaking at a business roundtable in the capital Nairobi, Ruto said Kenya would showcase its "massive investment opportunities" during the summit.

"We are ready to do business and have reformed national policies and laws to sustain Kenya's position as a favorite investment destination," said Ruto, noting there are "huge potential" in Kenya's sectors like tourism, mining, information technology and financial services.

An estimated 20 percent of the delegates to attend the global entrepreneurship summit will be from Kenya while 50 percent will be from the larger Sub-Saharan African region.

Ruto added that Kenya was prepared to ink deals with American investors -- a chance amid Obama's visit to his father's native.

He also reiterated that Sub-Saharan African region remains "an attractive investment destination".

"Governments and the private sector should speak in one voice in order to accelerate economic transformation in the continent. Countries should accelerate economic diversification to expand opportunities for the youth," Ruto said.

Strive Masiyiwa, a Zimbabwean business mogul, said there are "abundant investment opportunities" in the emerging markets across Sub-Saharan Africa.

"We need to focus on strategic partnerships to expand investments portfolio in this continent. There are untapped opportunities in agri-business, manufacturing, extractive industry and technological innovations," Masiyiwa said.

The U.S.-led Global Entrepreneurship Summit was initiated by Obama in 2010 in Cairo, Egypt.

The U.S. government hopes this year's summit could spark 1 billion U.S. dollar private investments over the next three years.

The selection of Kenya as host is seen by the Kenyan government as a vote of confidence from the U.S. in the wake of attacks by Somalia-based group Al-Shabaab in the East African nation.

Kenya exports and imports from the U.S. hit a record high of 300 million U.S. dollars in 2014 with the U.S. being the biggest source of goods for Kenya. Enditem