Kenya Seeks Indian Investment for Affordable Housing Programme

Deputy President Rigathi Gachagua has called upon Indian companies to assist the Kenya Kwanza administration in implementing its development projects.

Speaking on Wednesday, The Deputy President urged investors to support President William Ruto's affordable housing project. This appeal was made during a meeting with Shri V. Mutaleedharan, the Minister for State for External and Parliamentary Affairs in charge of the African Republic of India, in Karen Nairobi. The DP stressed the significance of attracting Indian corporations to invest in diverse sectors including affordable housing.

Moreover, Ruto's administration is taking a keen interest in encouraging Indian companies to increase their stakes in domains such as ICT, agro-processing and value addition, pharmaceuticals and medical equipment manufacturing, and the creative economy. Gachagua stated that these sectors correlate with Ruto's Bottom-Up Transformation Agenda and thus require urgent monetary assistance to contribute towards the government's development objectives. DP Gachagua assured Indian corporations investing in the affordable housing initiative of effortless business permit acquisition.

Additionally, he emphasized that foreign investors will face no difficulties given the enhanced favourable environment established by Ruto's administration. The administration plans to simplify government services by implementing automation while giving new companies an exemption from paying taxes on unrealised gains on employees' allocated shares. Reflecting on recent developments between India and Kenya, Mutaleedharan highlighted past interactions and future bilateral relations with an emphasis on collaboration in economics and politics. As part of his first-term agenda, Ruto aims to construct one million budget-friendly housing units.