Kenyan industrialists ink deal for export growth
Kenya’s industrialists on Tuesday signed an agreement with a regional investment body to help in the efforts to promote trade and investment under the African Growth and Opportunity Act (Agoa).
The deal, which was inked in Nairobi between the Kenya Association of Manufacturers (KAM) and the East Africa Trade And Investment Hub (EATIH), will also support policy reform activities and the expansion of trading avenues.
KAM CEO Phyllis Wakiaga said the deal strengthens KAM’s commitment in seizing the opportunity to realise better business opportunities beyond borders.
“We must go beyond the apparel export and strategise ways that we can explore the gains of approximately 6 400 products that are currently eligible for Agoa,” Wakiaga said in Nairobi.
Agoa is a preferential market access system given to specific countries in Africa and the Caribbean by the United States.
Under the trade agreement, most sub−Saharan African countries are allowed to export over 6 000 products duty−free to the US market.
Data from the Export Promotion Council indicates that Kenya’s non−textile exports to Washington mostly consist of coffee, fruits, precious stones, nuts, cut flowers and tea, while its imports include machinery and other capital goods.
Wakiaga said Agoa offers great opportunities for Kenya’s local businesses, especially the SMEs.
“It is essential that we build their capacity to enable them to leverage this partnership to realise financial sustainability for their businesses. Beyond this, we are also looking to diversify our exports through this partnership and increase the competitiveness of various agricultural value chains,” she noted.
Wakiaga said KAM will be organising and hosting trade delegations as well as policy and investment promotion activities which will attract investment in the mutual priority sectors, that is textiles and garments, leather and leather products, agro− processing, horticulture, ICT and cotton.
“Our country must work towards expanding the range of products that are currently being exported to the US market under Agoa,” she added.
“African economic operators must now work towards addressing the underlying challenges that have prevented them in the last 15 years from seizing the opportunity to realise better business with the United States,” said EATIH chief of party Juan Estrada−Valle.
Read related news articles
Kenya: 4th AmCham business summit to advocate for enhanced partnership and investment In US-East Africa trade
The fourth edition of the regional American Chamber of Commerce Kenya (AmCham) Business Summit, the premier platform for strengthening bilateral trade and investment between the United States, Kenya, and East Africa is set to be held on April 24–25, 2024, in Nairobi, Kenya. Kenya’s President William Ruto is confirmed as Chief Guest, leading a government delegation to the summit that aims to expand commercial opportunities and markets....
19 March 2024
US President Biden to welcome Kenyan President Ruto to the White House in May
President Joe Biden plans to welcome Kenyan President William Ruto to the White House in May, hosting a state visit after reneging on his promise to visit Africa last year. White House press secretary Karine Jean-Pierre said Friday that the visit set for May 23 will mark the 60th anniversary of U.S.-Kenya diplomatic relations and "celebrate a partnership that is delivering for the people" of both countries while affirming "our strategic...
18 February 2024
'Nigeria missing as Kenya, Ghana tap AGOA opportunities to boost foreign exchange earnings'
Africa’s biggest economy is still failing to tap the opportunities that the African Growth and Opportunity Act (AGOA) present to boost its foreign exchange, amid acute dollar shortages. The AGOA has been on for over twenty-three years as it was enacted in 2020. In 2015, the program was modernised and extended to 2025, implying that there are only about 15 months before the window closes. Some countries have taken advantage of the AGOA more...
05 February 2024
Kenya-US to deepen ICT, apparel and agriculture trade
Kenya and United States are in talks to identify areas of interest in information communication technology (ICT) sector that can interest US firms. A meeting between The US Ambassador to Kenya, Megan Whitman, and the Cabinet Secretary for Investments, Trade, and Industry Rebecca Miano, the states sought cooperation in six key areas. The meeting laid the groundwork for an enhanced collaboration between Kenya and the United States in...
09 November 2023
Kenya President Ruto joins US-Kenya business roadshow in San Francisco
Kenya's President William Ruto will address leading US technology companies and investors on Friday at the US-Kenya Business Roadshow in San Francisco organised by the American government’s Prosper Africa initiative. The roadshow - also co-organised by the US Embassy in Nairobi - highlights the business and investment potential in Kenya’s booming tech sector, a statement from the US Embassy in Kenya said. The event is part of a...
15 September 2023
AGOA boosts Kenya's textile exports to US, sector sees 7.2% growth
The African Growth and Opportunity Act (AGOA) has benefitted Kenya’s textile and apparel sector, leading to monthly exports to the tune of Sh4.5 billion, or Sh150 million per day, last year, according to a study by London-based Institute of Economic Affairs (IEA). The programme has had a positive impact on the country’s export-processing zones (EPZs), especially in the textile and garment sector. Kenya is the second-largest exporter of...
08 August 2023
Kenya's president meets US delegates on trade and investments
Kenyan President William Ruto has today held talks with US Trade Representative, Ambassador Katherine Tai. The discussions were based on US trade policy. Ruto said that the country is ready to strengthen the already existing relations between the two nations. "We will stretch our ties beyond the African Growth and Opportunity Act (AGOA) in the wake of advanced technology and climate change, for the full exploitation of our trade potential,"...
19 July 2023
US trade rep in Nairobi as Kenya's solo deals worry the EAC block [incl. Readouts]
The US trade representative is in Nairobi to co-lead a meeting that seeks Kenya's partnership in a fresh trade deal. The Trade and Investment Framework Agreement (TIFA Council) is pursuing various agreements even as regional peers express concern over Kenya's solo approach. Yesterday, Trade Representative, Katherine Tai met patron circle members of the American Chamber of Commerce-Kenya (AmCham Kenya) ahead of today's...
17 July 2023
US boosts Kenya apparel industry with $55m in new trade deals
The US is giving Kenya $55 million for expansion of export processing zones in a move that will boost Nairobi’s apparel exports. US initiative Prosper Africa and the US Embassy announced the funding at the launch of the US-Kenya Business Roadshow held on April 25 in New York. The announcement was part of the commitments made by President Joe Biden at the US-Africa Leaders’ Summit last year. The funds will be channelled under USAid and...
29 April 2023
Why Africa, why Kenya? Remarks by US Ambassador to Kenya
Thank you, Scott, for the kind introduction. It is a pleasure to partner with the Prosper Africa initiative to drive investment in Kenya and countries across the African continent. I am happy to kick off our U.S.-Kenya Business Roadshow with all of you today, and to announce that we will be partnering with Prosper Africa throughout the year to engage businesses and investors in cities across the United States. Our next stops include San...
26 April 2023
Kenya-USA: Joint Statement on the third US-Kenya bilateral strategic dialogue [incl. VIDEO]
The text of the following statement was released by the Governments of the United States of America and the Kenya on the occasion of U.S.-Kenya Bilateral Strategic Dialogue in Washington, D.C. on April 24, 2023. Begin Text: The Governments of the United States of America and the Republic of Kenya held the third iteration of the U.S.-Kenya Bilateral Strategic Dialogue in Washington, D.C. on April 24, 2023. The U.S.-Kenya Strategic...
24 April 2023