In a significant boost to its presence in Kenya, Coca-Cola has announced a Sh23 billion ($175 million) investment over the next five years to expand its operations in the country.

This development was warmly received by President William Ruto during his tour of the Coca-Cola Company Headquarters in Atlanta, Georgia.

"Kenya welcomes Coca-Cola's announcement to invest Sh23 billion ($175 million) 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 stated.

The investment is seen as a milestone for both Kenya and the African continent, reflecting the deepening relationship between the nation and one of the world's largest beverage companies.

Ruto, while addressing Fortune Company Chief Executive Officers in Atlanta, Georgia, underscored the importance of such investments and encouraged other international businesses to consider Kenya as a lucrative investment destination.

“We urge international businesses to capitalise on the 60-year-old Kenya-U.S relationship that is grounded on shared values of democracy, freedom and enterprise to invest in Kenya,” he added.

Highlighting the potential for substantial returns, Ruto pointed to specific sectors ripe for investment, including renewable energy, housing, manufacturing, agriculture, and ICT.

He assured prospective investors of favourable returns, leveraging Kenya's strategic position and growing economy.

President Ruto's remarks came as part of his three-day state visit to the United States, aimed at strengthening economic ties and attracting more foreign investment to Kenya.

This announcement by Coca-Cola is expected to have a significant impact on the Kenyan economy, creating jobs and enhancing the country's manufacturing capabilities.

The investment signals confidence in Kenya's market and its regulatory environment, further solidifying the country's status as a key player in the region's economic landscape.