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Riyadh-Saudi Arabia , April 01, 2007

President Mwai Kibaki flanked by the Chairman of Riyadh Chambers of Commerce and industry, Mr. Abdirahman Al-Juraisy (L) address the business community of Saudi Arabia during a luncheon hosted in his honour at the chambers.

President Kibaki woos Saudi investors

President Mwai Kibaki has invited Saudi Arabia businessmen to invest in the development of infrastructure and tourism sectors in Kenya which will give them good returns.

The president was speaking yesterday during a luncheon hosted in his honor by Saudi Arabia businessmen at the chamber of commerce and Industry in Saudi Arabia's capital, Riyadh.

"By investing in Kenya you have the opportunity to market your products to the larger market in Africa and elsewhere in the world" The president said.

The President outlined numerous opportunities for investment in agriculture, information and communication technology, tourism, infrastructure development including Railways, sea ports, and airports.

Inline with that, the President disclosed some of the incentives given to foreign investors who invest in Kenya. He singled out guarantee against expropriation, repatriation of capital and profit, a 100 percent ownership and permission to carry out the loss as some of the measures taken to create conducive environment for Investing in Kenya.

The President also assured them of additional incentives such as immediate input and a 10-year tax holiday.

"In Agriculture for example, Kenya is one of the largest producers of tea and coffee. We are keen on progressing in these areas which will not only bring higher profits to investors but also improve earnings to farmers" the Head of State said.

The President further wooed the investors mentioning more opportunities in cotton and apparel industries that would give them an opportunity to export their products to the United States of America.

President Kibaki further assured them of abundant investment opportunities in the Livestock and Fisheries industries.

Acknowledging the adequate growth in the Tourism sector, President Kibaki said Kenya is recognized internationally for being a tourist attraction site, and thus urged investors from Saudi Arabia to visit the country and see the opportunities firsthand.

"I therefore call on Saudi investors to join us in the development of new hotel facilities, recreation and amusement parks, as well as health centres." Said President Kibaki.

The president further urged the businessmen to participate in Kenya's fast developing manufacturing sector especially in the sugar refining, engineering and assembly of electronic equipments.

He reassured on how investment opportunities in the construction industry especially roads, airports and railways are thriving.

"These can be implemented through a concession system" the president noted.

The Head of state urged the Kingdom to increase its imports from Kenya since it takes only three percent of Kenya's imports. He noted that the increase could be done through more importation of meat, dairy products, tea and leather products.

President Kibaki said the aim of his visit to the Kingdom was specifically to strengthen the historical ties between Kenya and Saudi Arabia. He noted how the Kenyan coastline has welcomed over the centuries many visitors from the Arabian Peninsula.

"The result of these contacts is evident in the large Muslim population along the coast. And above all, about 40 % of the 'swahili' language is derived from Arabic." Said the President

During the function, Riyadh Chamber of Commerce and Industry Chairman Abdilrahman Al Jeraisy assured the President of the Kingdom's resolve to invest in Kenya noting the improved business environment punctuated by Kenya's tremendous economic growth.

Accompanying the President were Foreign Affairs Minister Raphael Tuju, Regional Development Minister Mohamed Mohamoud, Livestock and Fisheries Development Assistant Minister Abu Chiaba and Peter Kenneth Assistant Minister for Finance.

Meanwhile, President Kibaki paid a courtesy call on the Crown Prince of Saudi Arabia Sultan Bin AbdulAziz Al-Saudi at his residential Palace in Riyadh where they held talks.