Kenya and the US companies in the agriculture sector announced $12.8 million in new
co-investments on Friday at the Business Roadshow in Chicago.
The event, which is being hosted by the US government’s Prosper Africa initiative and the American Embassy in Kenya, brought together leading US businesses and investors, along with a high-level delegation from Kenya, to draw attention to the trade and investment potential in Kenya’s agriculture sector.
Participants included Land O’Lakes, John Deere, Hello Tractor, Boeing, Equity Bank, and Victory Farms, among others.
Delivering on the commitments made at the U.S.-Africa Leaders Summit, Prosper Africa Coordinator
British A. Robinson announced the 13 new Prosper Africa co-investments.
The co-investments are expected to generate nearly $34 million in Kenyan exports.
“The African continent presents an almost limitless opportunity for business and investors looking for
attractive markets to do well and do good,” said Mr 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.”
Held at the Art Institute of Chicago, the event highlighted regulatory reforms to enhance Kenya’s
business environment and investment opportunities for US. agriculture companies to drive business
growth and supply chain diversification.
Kenya’s agriculture sector offers a key opportunity for US investors. In 2022, Kenya’s food and
agricultural exports to the United States increased by nearly 19 percent to $190 million.
“Africa stands as the last and largest emerging market,” U.S. Ambassador to Kenya Meg Whitman
told participants. “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.”
Prosper Africa is a Presidential-level national security initiative aimed at strengthening the strategic
and economic partnership between the US and Africa by catalyzing transformative two-way trade
and investment flows.
These new co-investments build on the $55 million in apparel-focused deals announced at the
inaugural US.-Kenya Business Roadshow in New York City in April 2023.
The Chicago event is part of a US-Kenya Roadshow tour to showcase Kenya as an attractive
investment destination to US investors and present lucrative investment opportunities. The US
roadshow, which kicked off on April 25 in New York City, will moved to San Francisco on September
15 where it focused on the technology sector. Each stop features a mix of panel discussions,
business matchmaking, and networking.
The new co-investments will connect American buyers with Kenyan agri-businesses, creating jobs in
Kenya and across the United States.
The co-investments include:
● Kenya Private Sector Alliance will facilitate Kenya’s transition to a circular economy
through collaboration across the plastic packaging sector, the private sector, and the informal
sector.
● Delish & Nutri will implement interventions to ensure aflatoxin-safe groundnuts are
produced and manufactured through their Nairobi-based factory.
● Semiconductor Technologies will expand the number of Kenya engineers in their company,
endow two annual fellowships and build 15 semiconductor tools for domestic sale and export.
● Victory Farms will scale tilapia production by leveraging underutilized smallholder land and
employ at least 25 smallholders at their ponds, with an estimated 4x wage increase from their
current income.
● T3 EPZ will establish plastic recycling aggregation hubs at strategic locations across the
country, which will serve as designated sites for individual collectors to sell their postconsumer plastics.
● Bio Foods Products will increase awareness of aflatoxin and aflatoxin-related health effects
and enable dairy farmers to mitigate the aflatoxin levels in their outgoing milk.
● Watamu Marine Association Community Initiative will build and expand plastics
collection and recycling capacity and operations, develop partnerships and client base to boost
the plastic value, and merge project partners and form a new PLC for expansion.
● Kentaste Products will expand and improve its operations to significantly increase their
export supply and establish the U.S. market as their primary export channel.
● Vert will enhance dried mango and pulp processing capacity, production capacity, and
exports; increase its smallholder farmer source base; and create full-time jobs for women and
youth.
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