President Ruto Champions Growth of Trade and Investment in Kenya

Nairobi, 30 April 2024: Kenya’s President Dr. William Ruto closed the fourth edition of the regional American Chamber of Commerce Kenya (AmCham) Business Summit stressing that Kenya is open for trade and investments from the U.S.

President Ruto's remarks underscored Kenya's commitment to fostering a conducive environment for trade and investment, emphasizing the significant strides made in economic transformation and the expanding Kenya-US trade relations.

The Summit, which is the premier platform for strengthening bilateral trade and investment between the United States, Kenya, and East Africa, was attended by about 1500 delegates from the United States, Kenya and across the East African region discussed how trade and investment between the region, Africa, and the U.S. can be accelerated under the theme ‘Catalyzing the Future of U.S.-East Africa Trade and Investment’. In attendance was U.S. Secretary of Commerce, Hon. Gina M. Raimondo, Kenya’s Cabinet Secretary in the Ministry of Investments, Trade, and Industry, Hon. Rebecca Miano, Ambassador Meg Whitman, United States Ambassador to Kenya and Peter Ngahu, Board President, AmCham & Regional Senior Partner, PwC.

The President urged delegates to explore the many investment opportunities primarily within agriculture, human development, and green energy. He assured investors of Kenya's commitment to maintaining a stable, transparent, and predictable business environment, citing improvements in various global indexes and rankings. He highlighted the pivotal role of the private sector in driving Kenya's economic growth and underlined the Strategic Trade and Investment Partnership (STIP) with the U.S., aimed at bolstering bilateral trade and investment.

President Ruto said, “The consistent strengthening of Kenya-U.S. ties is exemplified by the steady growth in the value of bilateral trade, especially its acceleration between 2015 and 2022 when Kenya's negative trade deficit narrowed significantly from KShs 85 billion to KShs 13.35 billion. The pace of growth in Kenya-U.S. trade, affirms the vast opportunity that exists for the growth of Kenyan exports and expansion of their variety with a very real possibility of broadening a positive balance of trade. U.S. companies in Kenya continue to excel through effective partnerships with both the government as well as local private sector firms, to implement diverse projects and enhance access to energy and power, develop infrastructure, create state-of-the-art manufacturing plants, develop local supply and value chains, and support Kenya's digital transformation.”

President Ruto emphasized Kenya's pivotal role as a launching pad for global brands and institutions seeking to establish a footprint in Africa. He highlighted Nairobi as the regional and global headquarters for numerous leading organizations, underscoring the city's significance as a hub for innovation, commerce, and investment on the continent.

The President said, ”Every major global brand, and every leading multilateral institution and philanthropic organization wishing to build a regional and African footprint, starts in Kenya, or has Nairobi as the regional and global headquarters of many leading organizations. This AmCham Summit has given us a number of significant first engagements, including with Walmart, resulting in 24 exploratory business-to-business meetings with firms involved in the agricultural production of tea, coffee, nuts, and avocados, as well as apparel factories in our EPZs. Although exploratory, Walmart's venture into our country and region is indicative of the potential and operating environment we have.”

The U.S. Secretary for Commerce Hon. Gina M. Raimondo in her speech doubled down on the many opportunities within the Kenyan economy. Secretary Raimondo said Africa is shaping the global economy, culture and politics. Speaking of opportunities, Secretary Raimondo shared that seven private sector deals were signed on the sidelines of the Summit announcing commitments from the NBA, Baylis Emerging Markets, Qualcomm, Pfizer, Microsoft, Rendeavour and Cisco.

She also highlighted the President’s upcoming State visit to the U.S. in May as a historic occasion, being the first by an African head of state since 2008.

She said, “The narrative around Africa has changed completely. It is no longer the tired false narrative that it’s a continent of challenges. The narrative is that it is a continent of opportunity and solutions. And our challenges, our ambitions and our futures are linked. When we work together, we can create a prosperous and secure future for the people of our countries, and for the people of Africa. That is my mission. And central to this work that we do together is commerce.”

Secretary Raimondo also shared that the U.S. Trade and Development Agency (USTDA) will provide grants to support the expansion of semiconductor fabrication in Kenya and the construction of a fiber network along the railway

Peter Ngahu, AmCham Board chair said, “In the past three years alone, the United States, through USAID, has brought over 150 million dollars to the table in order to grow Kenya's private sector, creating 26,000 jobs and adding over 375 million in trade by 2025. Similarly, American companies such as Coca-Cola, Google, Microsoft, Hologic, American Tower Corporation, CISCO, and many others, through their long-term and growing investment in various sectors of the Kenyan economy demonstrate a firm belief in Kenya’s economic potential, and our commitment to, the economic prosperity of this country.”

During a parallel session, Brad Smith, Vice Chair and President of Microsoft Corporation, emphasized the pivotal role of artificial intelligence (AI) for Kenya. He discussed the necessary steps to integrate AI into Kenya and East Africa, ensuring accessibility to its benefits for the general population. Smith highlighted the importance of learning from the history of technology, especially within the African context, to inform future endeavors effectively. He specifically mentioned GPT (Generative Pre-trained Transformer) as a transformative technology, stressing the need for resources like skilled individuals, financial investments, and innovation in technological advancements to fully harness its potential.

Hudson Sandler
Valerie Odhiambo
[email protected]