Trade Cabinet Secretary Moses Kuria on Friday, April 28, announced a major partnership with America's internationally recognised media outlet, CNN (Cable News Network).
While signing the deal, Kuria stated that Kenya Investment Authority (KenInvest) had entered into a partnership agreement with CNN in order to bolster Kenya's investment promotion efforts to foreign investors.
The messaging that will be carried by CNN is meant to market Kenya as Africa's most preferred investment destination for American companies.
"The objective of this partnership is to enhance Kenya's reputation as an appealing investment hub and boost export activities," Kuria stated in a statement.
CNN will sell Kenyan government Ad spaces on various platforms, including television, digital, and social media, which will promote the country's targeted messaging.
Wooing Investors to Kenya
In a review that was done by US President Joe Biden's government on Wednesday, April 26, Kenya is the second most preferred destination for Americans seeking to invest in African economies.
Kenya had so far registered 142 global American companies, making it the largest investment destination in East Africa and second in Africa.
Position one was held by Nigeria which registered 195 American conglomerates per the 2023 US government review.
US Ambassador to Kenya, Meg Whitman on Monday, April 24, explained that Kenya was the most stable democracy in East Africa and the gateway to the regional market with almost 500 million consumers, making it attractive for investment.
Further, Whitman noted that the country is the regional logistics hub and a leading regional finance hub which makes it the most preferred destination for foreign direct investment and venture capital.
"Kenya has the Silicon Savanah, with super smart engineers. Kenya has a young, educated, English-speaking workforce, and generates over 90 per cent of its energy from renewable sources," White stated.
CNN will similarly promote Kenyan tourism industries which had in the past received millions of American tourists, leading to billion of shillings in adventure revenue.
The tourism sector is an important part of the country's economy, contributing significantly to GDP and providing employment opportunities to a large number of people. The sector has a long history and is known for its diverse range of attractions, including wildlife safaris, cultural tours, and beach holidays.
Some of the key features of the Kenyan tourism sector include Wildlife safaris which CNN will be keen on promoting since Kenya is renowned for its wildlife, particularly the "Big Five" - lion, leopard, elephant, buffalo, and rhino.
The promotion will also focus on Beach tourism since Kenya's coastline is home to some of the most beautiful beaches in Africa, with crystal-clear waters and pristine white sand. The adverting will encourage visitors to engage in a range of water sports and activities, including snorkeling, diving, and fishing.
Promoting Kenya's Exports
Apart from tourism, CNN will carry promotional messages that seek to advertise Kenyan products, especially, those with traditional market accolades such as tea, coffee, avocado, macadamia and other horticultural productions.
Other exports to the United States include apparel and textiles, to which the country sends tonnes of T-shirts, trousers, and knitwear to Americans.
Kenya also exports Handicrafts such as carvings, beadwork, and woven baskets. These products are exported to the United States and are popular with tourists and collectors.
Local Media Training
The fourth part of the deal between Kenya Investment Authority and CNN entails the promotion of the development of local media houses and the equipping of local journalists.
"Moreover, the collaboration will entail media training programs aimed at equipping the Kenyan media with the necessary skills to effectively communicate investment-related news," Kuria stated.
Kuria expressed confidence that the partnership will help Kenyan Journalists to acquire international experience which will eventually lead to better storytelling.
The Kenyan media industry is a diverse and dynamic sector that has grown significantly in recent years. The industry is made up of various forms of media, including print, broadcast, and online media.
Despite its growth and dynamism, the Kenyan media industry had previously faced a number of challenges, including government interference, censorship, and low levels of funding for independent media outlets.
Kenya and the United States have had trade relations for many years. The two countries have a long-standing economic partnership that has helped to promote economic growth and development in both countries.
In July 2020, the United States and Kenya began talks on a potential free trade agreement. The agreement would eliminate tariffs and other trade barriers between the two countries, opening up new markets for goods and services.
According to the Office of the United States Trade Representative, the United States is Kenya's third-largest trading partner, with total trade between the two countries totaling Ksh130 billion ($1.5 billion) in 2020.
The United States is one of the largest foreign investors in Kenya, with U.S. companies investing in a wide range of sectors, including energy, healthcare, telecommunications, and transportation. In 2020, the United States invested Ksh35 billion ($302 million) in Kenya.
The United States provides significant aid and assistance to Kenya, including support for health programs, education, and economic development. The United States has also provided assistance to Kenya in the fight against terrorism and in addressing other security concerns.
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