Meg Whitman, US Ambassador to Kenya, highlights key funding alternatives in Kenya, notably within the inventive business and clear power.
She famous that Kenya has the potential to turn out to be the Singapore of Africa via vertical enterprise integration, job creation, innovation, and overseas direct funding.
AmCham Enterprise Summit 2024 seeks to strengthen bilateral commerce and funding between the US, Kenya, and East Africa.
The fourth version of the regional American Chamber of Commerce Kenya (AmCham) Enterprise Summit, has formally kicked off in Nairobi, Kenya, beneath the theme, ‘Catalyzing The Way forward for US-East Africa Commerce and Funding’.
This yr’s discussion board underscores AmCham Enterprise Summit because the premier platform for strengthening bilateral commerce and funding between the USA, Kenya, and East Africa.
Hosted by the American Chamber of Commerce (AmCham), the two-day Summit has introduced collectively delegates from the USA of America, East and Sub-Saharan Africa in efforts to deliberate and focus on how commerce and funding between the area, Africa, and the U.S. could be accelerated and assist the expansion of economies in all areas.
The U.S. Secretary of Commerce, Gina M. Raimondo, and Kenya’s Cupboard Secretary within the Ministry of Investments, Commerce, and Trade, Rebecca Miano, have been the important thing visitors on the opening ceremony.
Different keynote audio system embrace Ambassador Meg Whitman, United States Ambassador to Kenya; Luis Ortega, President, Coca-Cola Africa and Summit Diamond Sponsor, and Peter Ngahu, AmCham Board President.
US-Kenya Strategic Commerce and Funding Partnership
In a keynote speech, Rebecca Miano, Cupboard Secretary, Ministry of Investments, Commerce, and Trade welcomed the delegates to Nairobi, Kenya, whereas highlighting the Kenya and US cordial relationship loved during the last 60 years.
She highlighted the latest United States-Kenya Strategic Commerce and Funding Partnership (STIP) MoU signed between Kenya and the US to deal with investment-related challenges and promote enterprise alternatives emphasizing the significance of the partnership between Kenya and the US in areas comparable to infrastructure, well being, renewable power, and the digital economic system.
She stated, “This summit goals to offer alternatives for commerce and funding by facilitating a discussion board to matchmake and create alternatives that provoke, advance and shut offers. The Summit additionally resonates very properly with Kenya’s authorities’s agenda, generally often known as the Backside-Up Transformation Agenda, which goals to rework the economic system and create a business-friendly atmosphere in any respect ranges.
AmCham Enterprise Summit: Bottlenecks affecting American traders in Kenya
“Kenya and the US have labored carefully to deal with bottlenecks affecting American traders in Kenya along with convening quarterly US-Kenya enterprise dialogues. We’ve developed an operational technique, a plan, and a funds to allow Kenya Funding Authority (KenInvest) to scale and ship companies to satisfy the aims of the MoU to supply high-quality companies that shut funding alternatives at scale for each the personal sector and the federal government’s commerce between Kenya and the US.
“As this summit will get underway right now, we guarantee you and different potential companions that the Authorities of Kenya acknowledges the necessary function that such partnerships play in driving financial progress and prosperity of the nations. We’re working to have an environment friendly and streamlined service provision framework that facilitates enterprise institution and progress. We guarantee you that Kenya is prepared, it’s open for enterprise, and it really means enterprise.”
On her half, Meg Whitman, United States Ambassador to Kenya, highlighted the numerous funding alternatives in Kenya, notably across the inventive business and clear power. She famous that Kenya has the potential to turn out to be the Singapore of Africa via vertical enterprise integration, job creation, innovation, and overseas direct funding whereas nonetheless stressing the significance of reforms and partnerships to unlock Kenya’s financial potential.
Ambassador Meg Whitman defined, “I’ve been touring round Kenya and the USA speaking about how investments in Kenya have finally elevated prosperity for residents in each international locations. Though extra progress is required, our financial partnership is powerful and is rising. This yr, we have a good time 60 years of U.S. and Kenya relations, in addition to the historic upcoming State Go to of President Ruto in Washington DC in Might. That is the primary African heads of state go to since 2008.”
Whereas highlighting a number of the high alternatives for investments in Kenya, the Ambassador shared information that on the second day of the Summit, Kenya’s President Dr. William Ruto and US Secretary of Commerce, Gina M. Raimondo will announce a number of new and promising offers that additional underscore US and Kenya financial ties.
Meg Whitman: “I stay bullish on Kenya’s financial prospects”
The Ambassador added, “I stay bullish on Kenya’s financial prospects. President Ruto and Secretary Raimondo will announce a number of offers that additional underscore our financial ties. Investing in Kenya affords each enterprise the chance to diversify their provide chain and never depend on a single-entry level or two.”
She famous, “Following months of deliberations and consultations with the enterprise group, Kenya is making actual progress to enhance the enterprise local weather. And that is what Kenya has completed since final yr. First is the elimination of VAT on export companies. Second, elimination of the home fairness necessities for ICT corporations. Third, elimination of tax on stock-based compensation for workers of startups. And eventually, Kenya has taken actual steps to revitalize Kenya’s particular financial zones to maximise their competitiveness.”
Whereas highlighting the bottlenecks to funding and commerce between the US and Kenya, Ambassador Whitman stated, “Kenya has completed very properly attracting enterprise capital to startups. But it surely continues to fall in need of its full potential for selling overseas direct funding in bigger portions past simply startup capital. And in a world that’s continuously shifting sooner, sluggish execution is usually a main impediment to attracting FDI and increasing enterprise alternatives.
“This lack of execution pace could possibly be addressed via the creation of a one-stop store for stroll companies via the method of beginning or rising a enterprise from begin to end. Regardless of the challenges, there are thrilling alternatives to be seized and ready to be captured. So how do I really feel about Africa and Kenya and United States enterprise relationship? I really feel good.”
Funding relationships between the US, Kenya, and East Africa
Peter Ngahu, AmCham Board President, highlighted the significance of the Summit in his opening remarks. He stated, “The AmCham Enterprise Summit serves as a significant platform for fostering mutually useful commerce and funding relationships between the U.S., Kenya, and the broader East Africa area.
“Within the final yr following the 2023 AmCham Enterprise Summit, outstanding strides have been made, underscoring the tangible impression of our collective efforts. The end result of those efforts resulted in 15 vital funding bulletins from the US personal sector, amounting to a staggering $724 million. These investments span numerous sectors, signaling a vote of confidence within the area’s financial potential and laying a strong basis for sustained progress and prosperity. It’s our hope that the engagements over these two days will convey us nearer to realizing higher outcomes, each as nations and individually as companies.”
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