NAIROBI, Kenya, April 24 – The Ministry of Investment, Trade, and Industry has developed a three-year operational strategy, roll-out plan, and budget that will enable KenInvest to scale up and deliver its services to meet the objectives of the Memorandum of Understanding (MoU) that was signed between Kenya and the United States.
Trade CS Rebecca Miano said trade between the two countries has shown a steady increase in the value of exports over the years, rising from Sh29.94 billion in 2013 to Sh67.93 billion in 2022.
Kenya’s principal export products to the U.S. are mostly textiles and apparel. On the other hand, Kenya’s imports from the U.S.A. have also increased over the years.
“It is Important to note that Kenya has been accessing the U.S. market largely under the Africa Growth Opportunity Act (AGOA) framework, which provides for non-reciprocal trade between Kenya and the U.S.,” Miano said.
“The AGOA framework provides for about 6,400 product lines on a duty-free access basis to eligible sub-Saharan African countries,” she added.
The trade boss said Kenya and the US signed an MoU in June 2018 that outlined broad areas of cooperation, including infrastructure and the ‘Big Four’ agenda.
The two countries have since elevated this relationship to a strategic partnership that covers economic prosperity, trade, and investment; defense cooperation; as well as democracy, governance, and civilian security; and multilateral and regional issues.
CS Miano said this while welcoming U.S. Secretary of Commerce Gina Raimondo during the opening of the AmCham business summit and later held bilateral discussions to explore opportunities for further expanding and deepening Kenya-U.S. commercial and investment partnerships.
The Commerce Secretary is leading a delegation of private sector companies from the U.S. President’s Advisory Council on Doing Business in Africa (PAC-DBIA), which held bilateral discussions with Kenyan government officials and private sector representatives.
The business dialogues focused on addressing challenges and identifying opportunities for increased U.S. investment in the country, specifically in the agri-business, infrastructure, health, renewable energy, I.C.T., and digital economy sectors.
The visit comes at a time when Kenya and the U.S. are negotiating a new trade and investment framework, which underscores the important role that such partnerships play in driving economic growth and prosperity.
