US private sector will tip scales for ‘Big Four’

Improving the economy is a gradual, arduous and long-term task — especially in the developing world, where resource limitations have hindered investment in key growth sectors. Too often, the implementation of development plans by States is delayed or dropped due to skill gaps and resource constraints. The result has been subdued development even in cases where other avenues of sustaining economic progression exist.
When the American Chamber of Commerce Kenya Economic Summit 2018 takes place on Thursday in Nairobi, the place of government and private sector partnerships in tackling such impediments and spurring development will take centre stage. The inaugural summit — held in collaboration with the Kenyan government, the US Embassy in Kenya and the US Chamber of Commerce Africa Business Center — is expected to host over 500 participants.

DELEGATION
President Uhuru Kenyatta will be the chief guest. A US government and private sector delegation of more than 60 delegates led by US Under-Secretary of Commerce for International Trade Gilbert Kaplan and major American and Kenyan private sector players will also be in attendance.
The US private sector has a long history of investment in Kenya. Coca-Cola and Mars Inc. have been here since 1948 and 1972, respectively. Coca-Cola employs 10,000 local workers while Mars subsidiary Wrigley will this year open a Sh7 billion confectionery factory in Athi River, the only one in Africa.
Supported by strong and cordial bilateral ties, American investment can be found in all key sectors of the Kenyan economy, with most adopting long-term investment strategies.
Many innovative, cutting-edge US firms are located in Kenya, including several Fortune 500 companies. Many of them use the country as their East and Sub-Saharan Africa headquarters. In addition, the US is the largest source of international tourists to Kenya and the numbers are rising.
INVITATION
In its ‘Big Four’ agenda, Kenya has prioritised affordable housing, food security, universal health coverage and growth of manufacturing. Ambitious, audacious and promising, the plan requires all hands on deck to achieve the end game of expanding economic opportunities and uplifting the standards of living for Kenyans.
The open invitation by the government to the private sector to come on board as equal partners shows the level of its commitment to create an investment-led growth economy in which business can thrive.
The American private sector portends myriad benefits — such as quality innovations, infrastructure and immense capacity to mobilise resources. And the US multinationals have an edge — their business strategy adds value beyond financial gain, focusing on and prioritising advancing technical innovation, development expertise, improved capital and operational efficiency, shared value, good business practices, skills transfer and capacity development.

OPTIMISTIC
Today’s summit will see partnerships sealed and provide an opportunity to structure a long-term strategic collaborative engagement between Nairobi and the US private sector to speed up development and bring about transformative change for many Kenyans.
Following on the successes of the historic 2015 Global Entrepreneurship Summit, I am optimistic that this event will be the first of many which will present a platform for stakeholders to share their experiences, best practices and engage in conversations that will unlock value to bolster Kenya’s economic transformation journey.
Ms Okello is the CEO, American Chamber of Commerce-Kenya. [email protected]