US-Kenya announces $55 mn co-investments in apparel sector at a roadshow
US-Kenya Business Roadshow in New York City which convened leading investors announces $55 mn co-investments
US-Kenya Business Roadshow in New York City which convened leading investors announces $55 mn co-investments.
US Government’s Prosper Africa initiative and the US embassy in Kenya kicked off the 2023 US-Kenya Business Roadshow in New York City, which convened leading businesses and investors along with a delegation of Kenyan government officials.
As part of the US commitment to strengthening economic partnership with Kenya, Ambassador Meg Whitman announced six new Prosper Africa co-investments with Kenyan and American apparel companies, worth $55 million.
These co-investments build on the 14 deals announced by Kenyan President, William Ruto, at the American Chamber of Commerce Summit (AMCHAM) in March in Nairobi.
Among the participants were NBA, Mastercard, Copia Global, Equity Bank, The Children’s Place, and PVH, which leads iconic clothing brands like Calvin Klein and Tommy Hilfiger, Prosper Africa said in a press release.
The six new co-investments with American and Kenyan apparel companies will create more jobs in Kenya and the US by making it easier to do business together.
They include MAS Intimates, which will create jobs in the formal sector and provide training for Kenyan workers to increase production of high-quality Kenyan-made apparel; UAL, which will increase apparel exports to the US market by building a one-stop-shop in Kenya that harmonizes all steps in the production process from ‘farm to fashion;’ Mega, which will expand the company’s production capacity by adding new production lines; Coast Apparel, which will purchase machinery to increase production and export capacity, creating new jobs for women and youth; Best Lifestyle, which will hire and train new employees by expanding its manufacturing in Kenya; and NexGen, which will set up a factory in Kenya to manufacture tags and labels, branding products in apparel and footwear for sale within and outside Africa.
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“The US-Kenya partnership is strong, built on sixty years of shared values and interests.
Our partnership has enhanced security, increased prosperity, and improved the lives of Kenyans and Americans,” said Ambassador Whitman.
“Prosper Africa is proud to connect US buyers with African suppliers and drive US investment into Kenya and countries across Africa,” said Prosper Africa acting coordinator Scott Cameron.
“Together, we are creating jobs and fostering shared prosperity on both sides of the Atlantic.”
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