Prominent U.S. and Kenyan companies operating in the agriculture sector have unveiled new co-investments amounting to $12.8 million during a U.S.-Kenya Business Roadshow, orchestrated by the U.S. government’s Prosper Africa initiative and the U.S. Embassy in Kenya.
This Chicago event brought together leading U.S. businesses, investors, and a distinguished Kenyan government delegation to underscore the trade and investment potential within Kenya’s burgeoning agriculture sector.
Key participants included industry giants such as Land O’Lakes, John Deere, Hello Tractor, Boeing, Equity Bank, and Victory Farms, among others.
In line with commitments made during the U.S.-Africa Leaders Summit, Prosper Africa Coordinator British A. Robinson disclosed 13 new Prosper Africa co-investments, which are projected to generate nearly $34 million in Kenyan exports.
Robinson emphasised, “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.”
The event, held at the Art Institute of Chicago, spotlighted regulatory reforms aimed at enhancing Kenya’s business environment and fostering investment prospects for U.S. agriculture companies to stimulate business expansion and diversify supply chains.
Kenya’s agriculture sector is a pivotal opportunity for U.S. investors, with its food and agricultural exports to the United States surging by nearly 19 percent to $190 million in 2022.
The newly announced co-investments will facilitate connections between American buyers and Kenyan agri-businesses, creating jobs in both Kenya and the United States. The co-investments encompass various initiatives:
– Kenya Private Sector Alliance will foster Kenya’s transition to a circular economy through collaboration across the plastic packaging sector.
– Delish & Nutri will implement interventions to ensure the production of aflatoxin-safe groundnuts.
– Semiconductor Technologies will expand the number of Kenya engineers in their company and build semiconductor tools.
– Victory Farms will scale tilapia production and employ smallholders at their ponds.
– T3 EPZ will establish plastic recycling aggregation hubs.
– Bio Foods Products will raise awareness of aflatoxin and enable dairy farmers to mitigate aflatoxin levels.
– Watamu Marine Association Community Initiative will build and expand plastics collection and recycling capacity.
– Kentaste Products will expand and improve its operations.
– Vert will enhance dried mango and pulp processing capacity and create jobs for women and youth.
These new co-investments build upon the $55 million in apparel-focused deals announced during the inaugural U.S.-Kenya Business Roadshow in New York City in April 2023. They underscore the United States’ commitment to bolstering its economic partnership with Kenya.
This Chicago event is part of a larger U.S.-Kenya Roadshow tour, aimed at presenting Kenya as an attractive investment destination to U.S. investors and showcasing lucrative investment opportunities.
The U.S. roadshow, which commenced on April 25 in New York City, will culminate in San Francisco on September 15, with a focus on the technology sector. Each stop features a combination of panel discussions, business matchmaking sessions, and networking opportunities.
