President William Ruto has called for fair investment partnerships between Africa and the rest of the world.
Speaking at the American Chamber of Commerce (AmCham) Business Summit in Nairobi, Ruto said African countries want partnerships that benefit both sides.
He said Africa will no longer accept business deals that allow others to gain while African countries receive little in return.
Ruto calls for fair investment deals
Ruto said future investment agreements should focus on mutual benefit and better use of Africa’s resources.
“We do not want relationships that extract from Africa or that are exploitative,” he said.
The President said Africa should connect its natural resources, skilled workforce and talent with investors who can bring capital, technology and skills.
Meanwhile, the summit seeks to attract more investment to Kenya and strengthen the country’s position as a gateway to East African and African markets.
Africa wants more value from its resources
Ruto also argued that investment in Africa should help develop the continent.
He said African countries need to ensure that capital generated from their resources supports local development rather than benefiting economies elsewhere.
“We want to have a new kind of engagement,” Ruto said.
He added that future partnerships should respect the sovereignty of African countries and treat them as equal partners.
The President also called for more investment from domestic sources such as pension funds, insurance companies and central banks.
Ruto pushes for economic independence
Ruto said Africa needs stronger cooperation with international partners to achieve economic growth.
He made similar calls during the Africa Forward Summit held in Nairobi in May.
The summit brought together African and international leaders to discuss new partnerships in areas such as investment and economic development.
At the same time, African countries face pressure to create jobs for their growing young populations.
They also want to reduce their dependence on exporting raw commodities.
Africa targets manufacturing and technology
The discussions have focused on attracting more investment into manufacturing, energy, infrastructure, technology and logistics.
Ruto said Africa should also ensure that more economic value remains within the continent.
He called for stronger cooperation and partnerships based on sovereign equality, mutual respect and shared responsibility.
French President Emmanuel Macron also backed stronger cooperation between Africa and France.
Macron said Europe has a strong interest in seeing Africa achieve greater economic independence.
“Your success is our success,” he said.
Kenya moves to process minerals locally
Ruto’s remarks come as Kenya moves to reduce the export of unprocessed raw materials.
The President has announced that Kenya will stop exporting raw minerals and instead process them locally.
He said the country loses significant economic value when it exports raw materials for processing elsewhere.
Ruto cited minerals such as gold, limestone, iron ore, graphite, titanium and soda ash.
According to the President, local processing will create more jobs and increase the value of Kenya’s mineral resources.
Ultimately, the government wants Kenya and other African countries to gain more from their natural resources while building stronger and more equal investment partnerships.
