More American investors eye Kenya ahead of Obama visit

A stream of investors and trade experts will visit in Kenya starting this month until June, ahead of President Barrack Obama’s visit in July.

The US Embassy in Nairobi recently confirmed that several trade delegations are expected in the country before Obama visits.

US Ambassador to Kenya Robert Godec said private sectgor trade teams and senior government officials will be in the country as a continuous exercise to scout for investment opportunities and negotiating for deals.

Godec said investors from America are more interested to invest in Kenya. Though he did give the number of investors expected in the country, Godec assured that many deals are likely to be signed when the investors arrive.

“Kenya will benefit from investments from America before and after President Obama’s visit,” he told Business Beat last week at the European Union Day celebrations in Nairobi.

“Americans have invested in the country over the years, and will continue to increase as part of enhancing trade ties between the two countries.”

Since early last year, US investors have been visiting the country, an indication that Kenya is still a key investment destination for the West.

In January members of the US Chamber of Commerce announced plans to arrange a business summit in the last quarter of this year, to coincide with Obama’s visit.

In an interview, Executive Vice President and Head of International Affairs at the US Chamber of Commerce, Myron Brilliant, said they are eager to invest in Kenya.

“Our mission is to scout for investment opportunities so that we can be part of the Kenyan production system,” said Brilliant when he paid a courtesy call on East African Affairs, Commerce and Tourism Cabinet Secretary Phyllis Kandie in January.

Economic potential

He said their membership of three million traders is also targeting other East African Community (EAC) member states.

“We are eager to expand our market share in Kenya and the entire EAC region. The regional economies have demonstrated constant growth over the years and Kenya is also endowed with unlimited investment possibilities and hospitable citizens. Our mission is to extend our ventures with a view to supporting initiatives being pursued to grow the local economy such as hospitality, service, manufacturing, energy, and agricultural industries,” he said.

The chamber is part of a group of 90 US private entities under the Corporate Council on Africa (CCA) seeking to invest in the country over the next three years targeting health, energy, and infrastructure, CCA President and Chief Executive Stephen Hayes said last year.

According to the National Economic Survey 2015, Kenya’s exports to the US grew by 35.2 per cent to Sh45.6 billion by last year.

The value of exports increased by 27.9 per cent to Sh38.2 billion in 2014, comprising mainly of apparel and clothing accessories (Sh26.1 billion), coffee (Sh3.5 billion) and titanium ores and concentrates (Sh2.1billion).