Kenya Aims for Significant Investment During President Ruto’s U.S. Visit » Capital News
Kenya is gearing up to secure trillions of shillings in investments during President William Ruto’s forthcoming state visit to the United States. The visit, spanning a week, will prioritize trade negotiations and exhibitions.
Two Kenyan companies, Vivo Fashion and Wazawazi, will inaugurate their operations in Atlanta and Colorado, respectively, marking a notable expansion of Kenyan business presence in the U.S. Commenting on the significance of Ruto’s visit, U.S.
Ambassador Meg Whitman said, “A state visit is the highest honor for a visiting Head of State. In the Biden administration, there have been only five such visits, and Ruto’s will be the sixth.”
It is the first African Head of State to have a state visit since 2008 and only the second Kenyan to have this honour.
“It is a high honor for the President, for Kenya, and for the Kenyan people,” Whitman remarked on the JKLive show on Citizen TV.
Over the last decade, Kenyan exports to the U.S. have increased by 35 percent. The government aims to build on this growth during President Ruto’s visit.
The Ministry of Investment, Trade, and Industry plans to pitch over USD 20.5 billion (Sh2.6 trillion) in investment opportunities, showcasing more than 30 promising projects to potential American investors.
“As part of the Kenya Diaspora Exhibition and Forum, we will highlight our achievements, capabilities, and potential. For the planned product launches, we will explore how best to enter each other’s markets,” stated Cabinet Secretary Rebecca Miano.
According to ministry data, Kenya’s exports to the U.S. were valued at USD 679 million (Sh88.6 billion) in 2022, up from USD 543 million (Sh70.8 billion) in 2021, marking a 25 percent growth. Textiles and apparel continue to be the primary exports to the U.S. market.
The Ministry is also keen on exploring other sectors for investment and collaboration to double Kenya’s foreign direct investment.
“We look forward to enhanced bilateral trade between Kenya and the U.S., with more American investors capitalizing on our conducive business environment, which is rich with diverse investment opportunities across several sectors,” Miano added.
President Ruto will headline a high-level business summit where American companies will share their success stories of investing in Kenya, encouraging others to consider Kenya in their strategic plans. The summit is expected to culminate in the announcement of key trade deals.
The entry of Vivo Fashion and Wazawazi into the U.S. market is anticipated to boost interest in Kenyan-made products and stimulate further investment in Kenya’s burgeoning market.
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