Kenya will be seeking to attract trillions of shillings worth of investment during the President’s State visit to the US later this month, with trade negotiations and trade exhibitions set to take centre stage during the week-long trip. The State visit will see two Kenyan companies open up shop in Atlanta and Colorado.
Kenyan exports to the US have grown 35 per cent in the last decade. However, the government is seeking to increase this in the forthcoming visit by President William Ruto.
According to the Ministry of Investment, Trade and Industry, Kenya will be making a pitch to American investors, targeting to make over USD 20.5 billion or an equivalent of Ksh.2.6 trillion worth of deals during the visit, where more than 30 bankable projects from Kenya will be pitched to potential investors.
“As for the Kenya Diaspora Exhibition and Forum, we will showcase achievements, capabilities and potentials. For the planned product launches we will explore how best to make inroads into each other’s markets,” said Cabinet Secretary Rebecca Miano.
Data from the ministry shows that Kenya’s export to the US was valued at USD 679 million or Ksh.88.6 billion in 2022, against USD 543 million or Ksh.70.8 billion in 2021, representing a growth of 25 per cent, with textile and apparel forming the main exports to the US market.
According to the CS, the ministry will be working to explore other sectors of investment and collaboration in an effort to double the country’s foreign direct investment.
“We look forward to enhanced bilateral trade between Kenya and the US with more American investors coming aboard to maximize benefits from our conducive business environment teeming with diverse investment opportunities across several sectors of our economy. We are targeting billions of shillings,” Miano added.
The President will also headline a high-level business summit that will see investors treated to testimonials of successful US investment in Kenya by American companies and why they should consider Kenya in their strategic plan.
The summit will culminate in the announcement of key trade deals signed. At the same time, two Kenyan brands – Vivo Fashion and Wazawazi – will be opening shop in the US markets, in what is expected to boost the appetite for investment in Kenyan-made products.
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