Ruto In US: Coca-Cola Announces KSh 23b Investment In Kenya As President Visits HQ In Atlanta

• Coca-Cola said it was set to invest billions in Kenya over the next five years, benefiting thousands of Kenyans directly and indirectly.
• President William Ruto promised to give tax incentives to US investors interested in opening businesses in Kenya
• Ruto told Kenyans to stop complaining about taxes, saying that it was the only way to build their economy, adding the Kenyans in the diaspora pay even more taxes to a country that is not theirs

Muyela Roberto is a seasoned journalist at TUKO.co.ke, boasting over nine years of experience in the digital media landscape. He possesses extensive expertise in financial reporting and is adept at editing. His professional journey includes notable tenures as a business and current affairs writer at People Daily, Kenya News Agency, Scholar Media and TUKO. At TUKO, he has also honed his skills as a copy editor for three years before moving to the business desk.

Beverage maker Coca-Cola has announced plans to invest KSh 23 billion in Kenya.

Five-year Coca-Cola money plan for Kenya

This announcement was revealed by President William Ruto, who visited the company’s headquarters in Atlanta, Georgia.

According to Ruto, Coca-Cola will inject money into the Kenyan economy within the next five years to expand its business operations. One of its first projects will be a new bottling plant worth KSh 175 million.

“Kenya welcomes Coca-Cola’s announcement to invest KSh 23 billion over the next five years to expand its operations in the country. This is a milestone in the firm’s presence in Kenya and Africa, a testimony that we must sustain our strong collaboration for us to grow,” Ruto wrote on Twitter.

Coca-Cola's new plant in Nairobi

Coca-Cola CEO for Africa, Sunil Gupta, said the company will use KSh 175 million of its total investment in Kenya to build a new bottling plant in Nairobi.

Gupta signed the deal with Kenya, confirmed by Nairobi Governor Sakaja Johnson, who is among other high-level government officials accompanying Ruto on the four-day US visit.

The company currently employs 3,000 Kenyans and another 37,000 indirectly.

Governor Sakaja said the framework collaboration agreement signed today will give employment opportunities to many residents of Nairobi.

President Ruto thanked the company for being a good corporate citizen.

The head of state is being hosted by his US counterpart, Joe Biden. He arrived on Monday, May 20, and is expected to lead celebrations of Kenya’s 60-year trade relations with the US.

On Tuesday, the president met Kenyans living in the diaspora, made speeches to them, and visited some business establishments.

Ruto: Tell Kenyans to stop complaining about tax

During one of his speeches, he asked Kenyans to stop complaining about taxes, saying it was the only way to build an economy.

“China will not help use build our country, nor the US. Our country will not rise because of debts. Paying taxes is the way to go. You Kenyans living here in the US know this well. You pay high taxes…to a country that is not even yours. Tell your brothers at home to stop complaining,” Ruto said.

In a separate address, he promised tax incentives to foreign investors interested in doing business in Kenya.

His promise comes at a time when a section of observers has criticised the proposed Finance Bill 2024, which they claim will discourage investment.

They cite proposals like the aviation tax (16% VAT) and the eco levy, which, if implemented, would raise the price of acid batteries, electric bicycles and buses.

Other details about Ruto's trip to US

• US gov't denies funding William Ruto's flight inside pricey jet
• William Ruto’s gorgeous daughters enjoy photo op moment while on tour at Tyler Perry Studios
• Ruto tells Americans story of Brian, a Kenyan village boy working for German AI company online

Proofreading by Nyambura Guthua, journalist and copy editor at TUKO.co.ke