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.
By: Nana Appiah Acquaye
