Kenya: Agri-Vie invests $5 million in Kariki Group
“It’s a strong competitive industry,” Agri-Vie CEO Herman Marias told CNBC Africa. Marias added that his fund typically invests in agriculture projects around the continent but was especially drawn to Kariki’s unique business in one of the country’s largest exports.
Kenya is one of the world’s leading flower exporters with an estimated 38 percent market share in Europe.
The country's flower industry really started to boom in the 1980s, when farmers realized the advantages of year-round growing conditions and optimal sunlight. By contrast, European companies have to spend a great deal to fund artificial light and heat if they want to grow in off-seasons.
Kenya's horticulture industry, which generates about $1 billion a year and employs more than 30,000 people directly, contributes about 1.6 percent to the country’s gross domestic product, according to the Kenya Flower Council.
Read the complete artice by Kathleen Caulderwood at ibtimes.com
