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Kenya’s President Heads to US to Woo Investors

Kenya’s President Heads to US to Woo Investors

Kenya’s President William Ruto is set to lead Kenyan delegation to the United States for the second US-Kenya business Road Show.

Ruto will travel to the US together with the U.S Ambassador to Kenya, Meg Whitman, Trade minister Moses Kuria, among others as he sets sights on his Roadshow in the U.S this week.

Ruto who will kick off his Road show in Chicago is expected to make a robust case in attracting venture capital (VC) investment and private equity firms into Kenya’s tech industry.

The President and his delegation will hold meetings with leading US companies and key officials from President Biden’s administration to further strengthening the economic ties between the two countries.

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At the same time, the Kenyan delegation will also engage with their US counterparts in exploring potential agricultural opportunities between the two countries.

During the week, President Ruto is expected to be in San Francisco, also known as Silicon Valley, where he will use the platform to engage over 200 investors interested in investing in Kenya’s tech sector.

Ruto on marketing mission

The first-ever U.S.-Kenya Business Roadshow, took place in New York City on April 25th. During that event, US Ambassador to Kenya announced six new co-investments totaling $55 million with Kenyan and American apparel companies.

Further, the visit which is second in Ruto’s Presidency builds from the April Road show which sought to provide opportunities in various sectors such as fintech, clean energy, sustainability, infrastructure financing, tourism, banking, logistics, manufacturing, and agriculture.

Also, the second Business Roadshow which is one of its kind will emphasize the importance of fostering business relations between Kenya and the US, given that the United States has overtaken Uganda as Kenya’s largest trading partner.

Also Read: US Govt to Invest $1.6M in Kenya’s Coconut Industry

Currently, Kenya is emerging has emerged as an investment hub, and Meg Whitman’s leadership provides US investors with insights into leveraging Kenya as a gateway to the East African market.

In 2022, Kenya and the United States traded goods worth about $1.5 billion in terms of imports and exports. With Kenya’s strategic location in East Africa, the new partnership in investment will further strengthen its appeal to investors.

Investment opportunities

Kenya receives significantly more venture capital than any other African country, making it an attractive destination for investors looking to support African startups. This visit comes after the United States and Kenya launched the United States-Kenya Strategic Trade and Investment Partnership in 2022, aiming to increase investment, promote economic growth, and support regional integration in Africa.

On Monday, September 11 while meeting over 300 investors from more than 35 countries, President Ruto indicated his vision during the Kauffman Fellows Africa VC summit in Nairobi, stating that he aims to combine opportunities in Silicon Valley with those of silicon savanna.

 “We aim to combine the opportunities in Silicon Valley with those in silicon Savanna, right here in Kenya. We believe there’s a lot we can learn from Silicon Valley, just as we have much to offer them, especially in the opportunities that exist not only in Kenya but also across the African continent.” Ruto stated