Trade CS Rebecca Miano Explains How Kenya Will Benefit From William Ruto's US Visit

• Trade Cabinet Secretary (CS) Rebecca Miano said Kenya will pitch over 30 business ideas to prospective investors in the US
• During the visit, Miano revealed two Kenyan brands, Vivo Fashion and Wazawazi, will open shops in the US markets
• Miano stated that the ministry hopes to double Kenya's foreign direct investment inflows and would be looking into further areas of cooperation and investment

TUKO.co.ke journalist Japhet Ruto brings over eight years of experience in financial, business, and technology reporting, offering deep insights into Kenyan and global economic trends.

During President William Ruto's state visit to the United States (US) on Thursday, May 23, Kenya will seek to attract trillions of shillings in investment.

How Kenya will benefit from William Ruto's US visit

Trade negotiations and trade shows are expected to take centre stage during the week-long trip.

According to Trade Cabinet Secretary (CS) Rebecca Miano, Kenya will pitch over 30 business ideas to prospective investors with the goal of closing deals worth over $20.5 billion (KSh 2.69 trillion).

During the visit, two Kenyan brands, Vivo Fashion and Wazawazi, will open shops in the US markets.

"The state visit will reaffirm our two nations' mutual commitment to expanding economic ties and remaining united. The value of the goods traded between Kenya and the US grew from $1.1 billion (KSh 143.5 billion) in 2012 to $1.49 billion (KSh 194.5 billion) in 2022, making the US Kenya's second-largest export market by value in Africa," Miano explained.

Kenyan plans to increase foreign direct investment

Miano noted that her ministry will showcase achievements, capabilities and potential during the Kenya Diaspora Exhibition and Forum.

The CS stated that the ministry hopes to double the nation's foreign direct investment and would be looking into further areas of cooperation and investment.

"We look forward to enhanced bilateral trade between Kenya and the US with more American investors coming aboard to maximise benefits from our conducive business environment teeming with diverse investment opportunities across several sectors of our economy. We are targeting billions of shillings," she added.

How many projects did Kenya attract from the US?

A year ago, Kenya attracted 63 projects and an influx of $2 billion in FDI capital, creating 7,819 jobs across various sectors.

The U.S. was the leading investor, with 14 projects amounting to US$748 million in capital investment.

The majority of the FDI flows into Kenya were directed towards the business services, technology transportation, and warehousing sectors.

How US-Kenya trade began

• United States (US)-Kenya Strategic Trade and Investment Partnership (STIP) talks began in July 2022, with Joe Biden's administration dropping off Trump's 2020 deal.
• The strategic partnership discussion ran through 2023, with the latest development in the January 2024 convention.
• US Embassy spokesperson in Nairobi said the talks were focused on pursuing high-standard commitments in a wide range of areas, including foreign workers' support.