Kenyan President William Ruto has urged German companies to invest in the country’s micro, small, and medium-sized enterprises.
Ruto met with Markus Jerger, chairman of the Der Mittelstand-German Association of Small and Medium-Sized Businesses (BVMW), and Michael Schumann, chairman of the Federal Association for Economic Development and Foreign Trade (BWA), during his two-day official visit to Germany, to discuss potential business opportunities.
According to Capital FM, Ruto stated that the MSME sector, which creates more than 60% of job opportunities, is the foundation of the German economy. He also emphasized the dedication of the Kenyan government to help small businesses through the Bottom-Up Economic Transformation Plan, which includes the establishment of the Enterprise Fund to offer accessible loans to the millions of Kenyans whose livelihoods depend on the MSME sector.
The goal of the President’s trip to Germany and Belgium is to improve social and economic ties between Kenya and the EU. The 2022 General Election raised Kenya’s profile on the international stage, making Kenya a potential candidate for more foreign direct investment, according to Foreign Affairs Cabinet Secretary Alfred Mutua.
In order to reaffirm Kenya’s commitment to the Kenya-EU Strategic Dialogue under the three main pillars of Peace, Security, and Stability; Sustainable and Inclusive Development; and Economy, Trade, and Investment, Ruto is anticipated to hold discussions with German President Frank-Walter Steinmeier and Chancellor Olaf Scholz during his visit. In addition, Ruto will meet with German business executives and investors at the Berlin Energy Transition Debate in 2023 where he will also deliver the keynote address.
