The Kenyan government will on Tuesday 25th April launch an international roadshow in New York, aimed at attracting US investors to invest in Kenya. The roadshow is led by Moses Kuria, the Cabinet Secretary (CS) for Investments, Trade and Industry, and includes Foreign Affairs Cabinet Secretary Alfred Mutua, as well as the US Ambassador to Kenya, Meg Whitman. The roadshow seeks to enlighten US investors about the opportunities available in Kenya, particularly in fintech, clean energy, sustainability, infrastructure financing, tourism, banking, logistics, manufacturing, agriculture, among other sectors.
Kenya is an emerging powerhouse in technological innovation, and Meg Whitman-led visit provides US investors with first-hand insights into ways they can leverage Kenya as a gateway to the East African market. According to Meg Whitman, Africa has the youngest population in the world with 60% of the population under the age of 25, and the continent offers the last big supply chain and consumer prospects, with opportunities like the ones Southeast Asia presented 20 years ago.
The roadshow will emphasize the importance of this visit in fostering business relations between Kenya and the US, and further strengthen the ties between the two countries. The United States is Kenya’s biggest trading partner, with goods worth about $1.5 billion imported and exported in 2022 alone. The roadshow seeks to build on this relationship, attracting US investors to invest in Kenya’s economy.
Kenya is strategically located in East Africa, with 80% of the region’s trade passing through the Mombasa Port. In addition, Jomo Kenyatta International Airport in Nairobi is the busiest airport in East Africa, served by 40 passenger airlines and 25 cargo carriers, including FedEx and DHL. This makes Kenya a crucial gateway to East Africa, providing investors with access to a market of over 500 million people.
From a venture capital standpoint, Kenya receives significantly more venture capital than anywhere else on the continent, generating roughly triple the venture capital to GDP ratios of Nigeria, Egypt, and South Africa according to Meg Whitman. This indicates that Kenya is a prime destination for investors seeking to invest in African startups.
The launch of the roadshow comes just after the two countries held an in-person negotiating round for the U.S.-Kenya Strategic Trade and Investment Partnership in Nairobi, Kenya from April 17-20, 2023. The United States and Kenya launched the United States-Kenya Strategic Trade and Investment Partnership on July 14, 2022, with the goals of increasing investment; promoting sustainable and inclusive economic growth; benefiting workers, consumers, and businesses; and supporting African regional economic integration.
During the visit, the Kenyan delegation is expected to hold meetings with leading US companies and key officials of President Biden’s administration.
