STORY: Kenyan president calls for reforms in global financial system to spur investments
DATELINE: Aug. 18, 2023
LENGTH: 00:01:56
LOCATION: Nairobi
CATEGORY: ECONOMY
 
SHOTLIST:
1. various of UNCTAD officials receiving Kenyan President
2. SOUNDBITE (English): WILLIAM RUTO, Kenyan President
3. various of the conference
 
STORYLINE:
 
Kenyan President William Ruto on Wednesday called for reforms in the international financial system to help boost investor confidence in Africa.
 
De-risking Africa will foster better relations between the public and private sectors for the common good, said Ruto, who spoke during the United Nations Conference on Trade and Development (UNCTAD) presidential dialogue dubbed "Kenya: a driving force in accelerating continental trade and investment" held in Nairobi, the capital of Kenya.
 
"There is no way you can get private sector money into Africa if we have not sorted out the issue of risk. Nobody will invest here," he said in a statement released by the presidency after the meeting.
 
Ruto said the current financial system that has falsely profiled the global south as a risky investment destination works against the continent.
 
SOUNDBITE (English): WILLIAM RUTO, Kenyan President
"The question we're asking ourselves is why are we not getting the same treatment, why are we being profiled negatively when facts and data show something different? So, this is the conversation we want to have and it's a forgone conclusion today that the system we have is not working."
 
He said Africa must take bold steps to claim its fair share in international trade, adding that the current 3 percent is not commensurable to the continent's population.
 
Ruto called for efficient trade facilitation and streamlined customs procedures to boost African trade.
 
"We must eliminate non-tariff barriers, simplify trade documentation and facilitate the movement of business and people across borders," the president said.
 
Xinhua News Agency correspondents reporting from Nairobi.
(XHTV)