SOME GOOD REASONS TO INVEST IN KENYA

• People
When one asks foreign investors in Kenya what they consider the country’s greatest asset, the answer is almost always “People”. Kenya is one foreign investor in insurance, for example, it speaks of the calibre of its workforce providing his company with the prospect of becoming a “world-class service provider”. It is not uncommon to hear the Kenyan workforce described as “skilled, hard-working and enterprising”, an assessment of employees rare elsewhere in Africa.
This asset is one reason why Kenya has remained the leading economy in the region despite the difficulties it has faced over the 48 years since independence. It is also why Kenya has the potential to be the regional hub for a variety of services such as auditing, marketing, logistics and education.

• Market access
Kenya is one of the three members of the East African Community (EAC), the others being Tanzania and Uganda. The EAC has established an integration process that might see political federation by 2013.
The EAC customs union came into effect on January 1, 2005 and internal trade will be fully free in five years in this market of 93 million consumers. Investing in Kenya also provides investors with access to the Common Market for Eastern and Southern Africa (COMESA), which has 385 million consumers. As a member of the African, Caribbean and Pacific States (ACP), Kenyan exports have privileged access as well to the European Union – as they do to the United States under the provisions of the African Growth and Opportunity Act (AGOA).

• Opportunities
Climate and soil are ideally suited in some parts of Kenya for the development of agricultural produce for export, and the country has established a track record in this area. Kenya is the world’s second largest exporter of tea, and its horticulture sector is now its top export earner. The climate, says one foreign investor in horticulture, is the best thing about the country. The climate, along with the coastline and the abundance of wildlife, is also a great asset for tourism. Kenya has a fairly well-developed tourism infrastructure (hotels, lodges, tour operators, air transport), and the attractions of the Maasai Mara and the Mombasa coast are widely known, although many other areas with tourism potential remain unexploited.
Yet other opportunities can be found in manufacturing, where Kenya has a well-established base for exports to the East African region, and in services, which can draw on the country’s well-educated workforce.

• Development
As one of the developing countries, there is need for infrastructure around the country as the population has risen dramatically. There is an urgent need for housing development which seems to be thriving very well at the moment offering shelter to all and sundry as well as business venture for investors.

The Millennium Development Goal of the international community emphasizes the potential role of the private sector in helping countries reach their development goals and targets. Foreign direct investment is recognized as an important factor in this context, since it brings to host countries capital, technology, innovation, management know-how, as well as access to supply chains and new markets. Under the right policy conditions and institutional frameworks, it can thus contribute to economic development and growth.

Welcome to invest in Kenya the land of potential.

By: Carol

Related: UK seeks investment opportunities in Kenya