Kenyan companies in the agriculture sector and the United States of America have jointly announced co-investments worth $12.8 million in a bid to enhance economic cooperation.
This announcement unfolded during the U.S.-Kenya Business Roadshow, a collaborative effort by the U.S. government’s Prosper Africa initiative and the U.S. Embassy in Kenya.
The event, which took place in Chicago, convened prominent U.S. businesses, investors, and a high-level delegation of Kenyan government officials. It aimed to spotlight the immense trade and investment prospects within Kenya’s thriving agriculture sector. Among the notable participants were industry leaders such as Land O’Lakes, John Deere, Hello Tractor, Boeing, Equity Bank, and Victory Farms, among others.
Read also: Trimble to open up prospects in Nigeria’s agriculture, mining, others
Unlocking Commitments from the U.S.-Africa Leaders Summit
Prosper Africa Coordinator, British A. Robinson, delivered on the commitments made at the U.S.-Africa Leaders Summit by unveiling 13 new Prosper Africa co-investments. These co-investments are expected to catalyze approximately $34 million in Kenyan exports, further strengthening economic ties between the two nations.
Robinson stated, “The African continent presents an almost limitless opportunity for business and investors looking for attractive markets to do well and do good. When you partner with Prosper Africa, you join the pursuit for strong returns that can also drive positive global change and take your enterprise to scale.”
Fostering Regulatory Reforms and Investment Opportunities
The event, hosted at the prestigious Art Institute of Chicago, placed a spotlight on regulatory reforms aimed at enriching Kenya’s business environment. These reforms open up significant investment opportunities for U.S. agriculture companies, fostering business growth and diversifying supply chains.
Kenya’s agriculture sector stands as a key prospect for U.S. investors. In 2022, Kenya’s food and agricultural exports to the United States surged by nearly 19 percent, amounting to $190 million.
Kenya’s Agri-Exports and Economic Significance
U.S. Ambassador to Kenya, Meg Whitman, underscored the critical role of Kenya’s agriculture sector in the nation’s economy. She stated, “Africa stands as the last and largest emerging market. Kenya’s agri-exports generated $1.03 billion in revenue in 2022. This sector plays a pivotal role in Kenya’s economy and provides livelihoods for 75 percent of its workforce.”
Creating Jobs and Strengthening Trade
The newly announced co-investments will forge connections between American buyers and Kenyan agri-businesses, offering employment opportunities in both Kenya and the United States.
These co-investments encompass a wide range of initiatives, each contributing to the growth and development of Kenya’s agricultural sector. These co-investments encompass a range of initiatives in Kenya’s agriculture sector. The Kenya Private Sector Alliance aims to foster a circular economy within the plastic packaging sector, while Delish & Nutri focuses on producing aflatoxin-safe groundnuts. Semiconductor Technologies plans to expand by increasing local engineering capacity and manufacturing semiconductor tools. Victory Farms is scaling up tilapia production and creating jobs for smallholders.
Meanwhile, T3 EPZ is establishing plastic recycling hubs, and Bio Foods Products is raising awareness about aflatoxin and helping dairy farmers mitigate it. The Watamu Marine Association Community Initiative is expanding plastics collection and recycling, Kentaste Products is increasing export capacity, and Vert is enhancing dried mango processing while creating employment for women and youth.
These co-investments build on the foundation laid by the $55 million in apparel-focused deals announced during the inaugural U.S.-Kenya Business Roadshow in New York City in April 2023. The Chicago event is part of a broader U.S.-Kenya Roadshow tour, aimed at showcasing Kenya as an attractive investment destination to U.S. investors and presenting lucrative investment opportunities.
Prosper Africa: Strengthening Economic Partnerships
Prosper Africa, a Presidential-level national security initiative, is dedicated to reinforcing the strategic and economic partnership between the U.S. and Africa. Since 2019, the U.S. government has played a pivotal role in facilitating over 1,200 deals across 49 African countries, with a total estimated value of $70 billion in two-way trade and investment. This initiative underlines the commitment to foster economic growth and partnerships between the United States and African nations.
