Pan African Visions

Kenyan Agricultural Firms Strike $12.8 Million Deal with US

September 15, 2023

By Samuel Ouma

A number of agricultural companies in Kenya have entered into a $12.8 million deal with the United States to enhance investments between the two countries.

The US Embassy in Kenya and the Prosper Africa program of the US government made the announcement during a U.S.-Kenya Business Roadshow on September 13, 2023, in Chicago.

The new co-investments will connect American buyers with Kenyan agri-businesses, creating jobs in Kenya and throughout the United States.

Prosper Africa Coordinator British A. Robinson announced 13 new Prosper Africa co-investments, fulfilling promises made during the US-Africa Leaders Summit. Kenyan exports are predicted to increase by about $34 million as a result of the co-investments.

“The African continent presents an almost limitless opportunity for business and investors looking for attractive markets to do well and do good,” said Robinson.

“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 in Chicago brought together top US corporations and investors and a high-level delegation of Kenyan government officials to highlight the trade and investment opportunities in Kenya's agriculture industry.

Held at the Art Institute of Chicago, the event addressed regulatory measures to improve Kenya's business climate and investment prospects for US agribusiness firms to support corporate development and supply chain diversification.

For American investors, Kenya's agriculture sector presents a significant potential. Reports indicate Kenya exported $190 million worth of food and agricultural products to the US in 2022, a rise of over 19%.

"Africa stands as the last and largest emerging market," US Ambassador to Kenya Meg Whitman said.

“Kenya’s agri-exports generated $1.03 billion in revenue in 2022. This sector plays a pivotal role in Kenya’s economy and provides livelihoods for 75 percent of its workforce,” she added.