President William Ruto has revealed that Kenyan youth secured Ksh107 billion (USD700 million) worth of investments for the country in 2022.
Speaking during the official opening of the Kenya innovation Week Commonwealth Edition in Nairobi, the president noted that the investments put Kenya on the global map.
According to Ruto, Kenya was ranked among the top African investment hubs because of the impressively high number of investments.
At the same time, he stated that the government was determined to create even more opportunities for young Kenyans who he noted formed a majority of the unemployed.
“I must admit, the youth continue to sustain innovation in our economy with youth driven startups securing Ksh107 billion (USD700 million) last year among the highest globally.
“Making Kenya a top African investment hub in Africa. The youths are also the overwhelming majority of millions of unemployed Kenyans who are relying on our plan to unlock investment opportunities,” stated Ruto.
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Ruto on New Start Up Law
Additionally, the head of state indicated that Kenya was relying heavily on new technology and innovations in the sector to stabilize the economy.
To ensure support for such startups, Ruto revealed that the government was already working on a law that will prioritize startups.
Ruto also explained that the law will take effect by April the following year.
“As a young nation with a vision of an economically secure posterity, we have no choice except to recognize innovation as a highly promising instrument for unlocking the doors of unprecedented opportunity for the young people of our nation.
“By April next year, we will have a firm startup law in Kenya,” he stated.
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According to Ruto, the law will ensure that the startups are graduated into full blown businesses and de risk the businesses.
In addition, he stated that the government had rolled up a 10-year plan to ensure that technological innovations were supported.
“The public sector is demonstrating a high initiative to complimenting the private sector including the launch of the innovation masterplan, a 10-year program to promote the achievement of innovation, value creation and the competitive advantage as a component of our development strategy.
