US report ranks Kenya second most preferred country by American investors
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US report ranks Kenya among most preferred countries in the African economies by American investors
US report ranks Kenya among most preferred countries in the African economies by American investors.
According to US President Joe Biden’s administration, Kenya is the second most popular location for Americans looking to invest in African economies.
Kenya is now the top investment destination in East Africa and second in all of Africa, according to an assessment published on Wednesday, April 26. Kenya had registered 142 international American firms.
According to a US government review conducted in 2023, Nigeria registered 195 American conglomerates, placing it ahead of Kenya.
On Monday, April 24, US Ambassador to Kenya Meg Whitman discussed the benefits of opening branches in Kenya when meeting with American investors in Washington, DC.
Whitman stated that Kenya is the most stable democracy in East Africa and the gateway to the regional market with almost 500 million consumers.
She further explained that the country is the regional logistics hub and a leading regional finance hub which makes it the most preferred destination for foreign direct investment and venture capital.
“Kenya has the Silicon Savanah, with super smart engineers. Kenya has a young, educated, English-speaking workforce, and generates over 90 per cent of its energy from renewable sources,” White stated.
The East African country is also the largest export market in the United States due to the stable relationship between the two countries.
“And we feel Kenya is ready for export lift-off as it diversifies,” Whitman stated in her address to American investors.
Goodwell Investments was said to have invested Ksh7 billion in financial inclusion and inclusive growth sectors, as the largest American business in Kenya.
Its Kenyan branch, Goodwell Kenya, provides basic goods and services and income generation opportunities to underserved communities.
“Goodwell Investments has led a group of returning and new investors backing a Series C round for Kenya-based Copia Global, a B2C online shopping and delivery service used by middle and low-income consumers, particularly those in rural areas, to buy goods.
“Between them, the investors are putting Ksh7 billion to work in the firm which will be used to scale Copia’s business across East Africa as well as start penetrating other geographies on the continent,” the US government stated.
Apollo, a technology company, followed closely. The firm works with small-scale farmers to boost profits.
The company recently agreed to borrow Ksh11 billion for up to 10 years from the government-backed US International Development Finance Corporation (DFC) to facilitate agri-technology in Kenya.
Apollo Kenya’s services include a single package for each farmer, including microloans, seeds, fertilizer, insurance, satellite data and market connections.
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It also automates its processes to reduce costs and boost scalability through lessons learned from its subsidiaries in the Netherlands and the US.
Kesha Kenya was ranked third with over Ksh1 billion investment in an e-commerce business focused on women’s healthcare and personal products.
“It is investing Ksh120 million in exchange for a minority stake in the startup, which will be used to push the company’s plans to scale up in its existing and new markets,” the US government stated.
The U.S. Government’s Prosper Africa initiative and Embassy in Kenya on Monday, April 24, convened leading businesses and investors in New York City, along with a delegation of Kenyan government officials, to kick off the 2023 U.S.-Kenya Business Roadshow.
The event, spearheaded by Trade Cabinet Secretary Moses Kuria and US Ambassador to Kenya Meg Whitman, brought together participants, including the NBA, Mastercard, Copia Global, Equity Bank, The Children’s Place, and PVH, which leads iconic clothing brands like Calvin Klein and Tommy Hilfiger.
“Delivering on the commitments made at the U.S.-Africa Leaders Summit, Ambassador Whitman announced six new Prosper Africa co-investments with Kenyan and American apparel companies valued at Ksh667 billion ($55 million),” read part of the statement by Ambassador Whitman.
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