A Kenyan fresh produce company is set to invest U.S$20 million (Sh2.6 billion) in value addition thanks to President William Ruto’s state visit to the United States.
AvoVeg Health CEO Nathan Loyd, a Kenyan-American entrepreneur, said his company will make the investment in the third quarter of 2024.
The company processes and exports fresh avocados and various vegetables, primarily to the European market.
The company is set to introduce state-of-the-art machinery for processing and packaging avocados.
The high-tech machinery is expected to address the critical issue of post-harvest wastage, thereby benefiting thousands of farmers across the nation.
“Our new value-added venture will solve the huge challenge our farmers face due to wastage issues and benefit thousands of farmers across our nation,” explains Loyd.
The project involves deploying a guacamole processing machine in Kenya, a technological breakthrough that will drastically reduce avocado wastage.
Loyd said investment highlights the company’s commitment to transforming the agricultural sector in Kenya.
"Why Kenya? My president, honourable Ruto, has joined me as a CEO in thinking like a CEO," said Loyd, emphasising the strategic alignment with Ruto's vision for economic growth and innovation.
Loyd was a participant in a US trade and investment initiative dubbed Prosper Africa which was facilitated by Ruto and US Ambassador to Kenya Meg Whitman during the USA state visit.
During the session, Loyd acknowledged the opportunities in harnessing trade and investment for the two countries, especially in the field of horticulture.
Loyd stressed the importance of government support in realising the ambitious project.
With strategic alignment with the Kenyan government and substantial financial backing, Loyd assured that AvoVeg Health will transform the agricultural sector, bringing immense benefits to Kenyan farmers and the broader economy.
Kenya and the United States signed multiple investment deals worth billions of dollars during Ruto’s visit.
Both countries are partnering with the private sector to further strengthen these economic ties, including in the critical areas of clean energy technology, agriculture, and affordable housing.