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. Several high-ranking US government officials are also expected. Close to 1,000 delegates, including business and government delegations from the US and across the East African region are expected to attend.
AmCham’s Board President, Mr Peter Ngahu highlighted that the Summit would explore opportunities to promote sustainable and inclusive growth while increasing investment in Kenya and the East African region.
“As we celebrate years of shared value and interests, the AmCham Business Summit stands as a beacon of opportunity. We look forward to exploring how we can leverage these opportunities as we stay committed to helping drive investments in East Africa.”
Encouraging delegates to secure their attendance, AmCham’s CEO Maxwell Okello said, “The summit provides a platform to explore the vast trade and investment opportunities that lie ahead, fostering economic growth and prosperity across our region. We are delighted to convene the business community to chart the course towards strengthened cooperation in critical spheres such as trade and investment, technology, sustainability, healthcare, and economic growth, all while nurturing meaningful connections between businesses and nations.”
A wide range of topics critical to the region’s economic development, including shaping the future of US-East Africa trade and investment, climate action, digital transformation, and sustainable finance for East African economies, will be covered in a series of panel discussions, keynotes, and roundtables moderated by experts from the public and private sectors.
East African economies are expected to register the highest regional economic performance on the continent, with growth figures at over 5 percent, according to the African Development Bank’s East Africa Economic Outlook.
Despite anticipated growth, East African economies continue to grapple with persistent barriers to trade and investment, including illicit trade, counterfeits, currency volatility, and inflation, impeding the region’s business landscape.
In 2022, the United States emerged as Kenya’s largest export market, with approximately $890 million in goods exported to the U.S. Additionally, the U.S. exported around $600 million in goods to Kenya, indicative of a fairly balanced trade relationship that is expected to increase as the United States and Kenya negotiate a first-of-its-kind bilateral trade agreement between the United States and a sub-Saharan African country known as the Strategic Trade and Investment Partnership.
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