WAIKENDA: Ruto US visit can help boost Kenya’s economy

Economic democracy, even the slightest of it, is an important ingredient of a successful nation. If Kenya is to be the economic lion that we perceive it to be, we must support the economic democracy that the President has been on.

President William Ruto visited Silicon Valley last week in a bid to boost trade between Kenya and the United States. Ruto met with executives from several major tech companies, including Google, Microsoft and Facebook.

During his meetings, Ruto discussed the potential for increased trade and investment between Kenya and the US. He also highlighted Kenya's strengths as a business destination, including its skilled workforce, stable economy, and strategic location in East Africa.

Kenya can learn a lot from Silicon Valley in terms of innovation, entrepreneurship and technology. 

Silicon Valley is a hotbed of innovation, with new companies and ideas constantly emerging. Kenya can foster an environment that encourages innovation and entrepreneurship.

Silicon Valley is a major centre of entrepreneurship and there are many resources available to entrepreneurs, such as venture capital, incubators, and accelerators. Kenya can learn from this by providing more support to entrepreneurs.

Silicon Valley is a leader in technology and many of the world's most innovative technology companies are based there. Kenya can learn from this by investing in its own technology sector and by attracting foreign investment in technology.

By learning from Silicon Valley, Kenya can boost its own innovation, entrepreneurship and technology sectors. This can lead to economic growth and job creation, and it can help Kenya to become a more prosperous and developed country.

Ruto's visit to Silicon Valley was part of a larger effort by the Kenyan government to attract foreign investment. In recent years, Kenya has seen a surge in foreign investment, particularly from China and the United States.

The Kenyan government hopes that increased trade and investment from the US will help to create jobs and boost economic growth.

The United States and Kenya have a long history of trade, dating back to the early days of American independence. In recent years, trade between the two countries has grown significantly, with the US becoming Kenya's largest export market.

Kenya's trade balance recorded a deficit of $770.9 million (Sh113.2 billion) in July 2023, compared with a deficit of $890 million (Sh130.7 billion) in the previous month.

In the latest reports, Kenya's total exports reached $614.4 million (Sh90.2 billion) in June 2023, an increase of 10 per cent year-on-year. Total imports recorded $1.4 billion(Sh205.6 billion) in July 2023, a decrease of 10 per cent year-on-year.

The top US exports to Kenya include machinery, electrical equipment, and vehicles. The top Kenyan exports to the US include apparel, coffee and tea.

There is significant potential for further growth in Kenya-US trade. The US is a large and growing market for Kenyan goods and services, and Kenya is a strategic location for US businesses looking to expand into Africa.

There are a number of factors that could help to boost trade between the two countries. These include increased investment in infrastructure, such as roads and railways, to improve trade facilitation.

Better trade relations can also offer increased cooperation on trade policy, such as through the African Growth and Opportunity Act (AGOA). There can also be increased promotion of trade and investment, such as through trade missions and investment conferences.

By working together, the US and Kenya can build on their strong trade relationship and create even more opportunities for businesses and workers in both countries.