Equity bank hosts US delegation to boost trade, investment linkages in Kenya
Equity Bank Kenya Limited has, on Monday, October 31, 2022, welcomed delegates from the United States of America (USA) to explore investment opportunities in Kenya after successful missions in Tanzania and Zanzibar.
The trade mission is organized by Equity Bank Kenya and Tanzania in partnership with the United States Embassy in Kenya, East African Business Council, Minnesota Africans United, Global Minnesota, and Prosper Africa, a U.S. Government initiative that connects U.S. and African businesses with new buyers, suppliers, and investment opportunities.
The weeklong trade mission will see the U.S delegates representing various institutions in corporate America engage with over 500 local entrepreneurs, MSMEs, and corporates through organized panel discussions, one-on-one business networking sessions, and site visits to businesses in Nairobi and its environs.
Speaking on the Kenya segment of the trade mission, Equity Group CEO and Managing Director Dr. James Mwangi reiterated the Group’s commitment to delivering its expertise, skills, purpose, and vision by taking into consideration the interests of the micro, medium-sized enterprises, women-owned businesses, and the youth to support the government overcome the current gaps in trade across Africa and the world at large.
“I extend a warm and cordial welcome to the visiting delegates from the USA and the local private sector players and look forward to positive engagements that will lead to business realization. Our interactions during this trade mission are critical as this will enhance knowledge exchange enabling us to meet the needs of the immediate market and the global trends in consumer behavior,” he said.
He also urged the attending delegates to explore the endless opportunities in Kenya, especially in key sectors such as health, food, and manufacturing, real estate, infrastructure, and tap into agriculture, construction, education, the MSME sector among others.
On his part, U.S Embassy in Kenya Senior Commercial Officer, U.S Commercial Service Joshua Startup said; “This trade mission being facilitated by Equity Bank Kenya and Tanzania together with their partners has come at a time when Kenya is identified as one of the 10 fastest growing economies in Africa, a potential market and hub for global trade. This makes it an excellent investment opportunity for American companies looking to invest and expand their business profile.”
The trade mission is among the many initiatives that the Group through its regional banking subsidiaries in six (6) countries has put in place to accelerate the implementation of the Africa Recovery and Resilience Plan and to champion the sustainable building back better of the African continent post the COVID-19 pandemic.
The visiting delegates have come as a group through Minnesota Africans United, Global Minnesota, and Prosper Africa and are keen on working with local businesses to either set up shop in Kenya or sign export/import agreements for local materials and finished goods.
This trade mission follows the Kenya – DRC, and US - Tanzania Trade Missions that were organized by Equity Group to explore investment opportunities in November 2021 and last week respectively following various strategic high-level state engagements.
Earlier this year, Equity Group launched the Africa Recovery and Resilience Plan, a socioeconomic transformation plan that Equity has seeded with a USD 7 billion fund with the aim of impacting 100 million people within the African continent through its financial and social impact initiatives and reaching 5 million MSMEs and 25 million individual customers, to create 50 million jobs.
The plan has seen the Group champion investments by the private sector in the agricultural and extractive sectors, manufacturing and logistics, trade and investment, the MSME sector, social and environmental transformation, and the promotion of a technology-enabled economy in order to support financial empowerment and wealth creation.