The third edition of the AmCham Business Summit – the premier U.S. – East Africa trade and investment forum – will be held between 29 and 30 March in Nairobi.
The Summit convened by American Chamber of Commerce will provide a strategic platform for enhancing two-way trade and investment between the United States and the East Africa region.
The Summit will be the first high-level event on the continent following the U.S.-Africa Leaders’ Summit and comes when the United States and Kenya have just concluded a productive first round of talks on the U.S. – Kenya Strategic Trade and Investment Partnership (STIP).
This years, summit comes at a time that trade deficit between Kenya and U.S expanded $6.4 billion (Sh813 billion) to $67.4 billion (Sh8.6 trillion) as at December 2022, marking the biggest deficit according to government data dating back to 1960.
The Summit is expected to drive new ideas on re-energizing the region’s economy through two-way trade and investment with the United States.
AmCham Kenya CEO Maxwell Okello said that the Summit would explore opportunities to promote sustainable and inclusive growth while increasing U.S. investment in the region even as the region
“Our vision is that strategic partnerships between governments and key stakeholders in the private sector will be strengthened at the Summit even as we seek new pathways for a resilient future. We look forward to exploring how we can leverage the dynamism in Africa’s economies to fast-track recovery and growth,” said Okello.
Apparel is Kenya’s leading export to the U.S, the sector now employing nearly 200,000 Kenyans, mostly young women.
By November 2022, apparel exports to the U.S. had reached $498 million (Sh63.3 billion), an $85 million (10.8 billion) increase from the same period in 2021.
President William Ruto will be the Chief Guest, with over 500 delegates from both public and private sector, senior U.S., Kenyan and regional government officials expected to attend.