The government has set its sights on securing investment deals amounting to Sh32.56 trillion ($250 billion) during President William Ruto’s forthcoming state visit to the United States of America,
Rebecca Miano, the Cabinet Secretary for Investment, Trade, and Ministry, revealed in a press briefing that Kenya plans to present over 30 viable projects during the visit, scheduled from May 19 to May 26 in Atlanta, Georgia.
“The Kenyan delegation aims to highlight more than 30 bankable projects during the visit to enhance Kenya’s reputation as a source of high-quality goods and services and an appealing destination for foreign direct investments (FDI) from the US,” Miano stated. These projects are valued at over $20.5 billion and span various sectors aligned with the Bottom-Up Economic Transformation Agenda (BETA), furthering commercial ties between the two nations.
Miano emphasized Kenya’s intention to attract additional investors, particularly in the textile industry, which is experiencing significant growth within the country. Notably, she mentioned American brands such as Calvin Klein and Tommy Hilfiger, which have been instrumental in providing employment opportunities for Kenyan youths in Export Processing Zones (EPZ).
“Our textile industry is experiencing a positive trajectory, leading to increased employment opportunities for our youth, thanks to partnerships with American companies,” Miano remarked.
In 2022, Kenya’s exports to the USA reached $679 million (Sh88.4 billion), marking a notable increase of over 25 percent compared to 2021’s $543 million (Sh70.86 billion). Textiles and apparels constituted the primary exports to the USA in 2022, underlining the sector’s growing significance in Kenya’s trade relations with the US.
