Focus On Kenya
Kenya is generally considered as being East Africa’s key economic, commercial, and logistics centre. Home to one of the best performing economies in Sub-Saharan Africa, The World Bank predicts the country’s economy will rise from this year’s figure of 5.9% to 6% in 2017, with huge investment in infrastructure and jobs, improvements to their business climate, and a boost in exports being behind this growth, as well as expansions in tourism, transport, and telecommunications.
For a number of years, agriculture been the backbone of Kenya’s economy and as a result the nation has been the source of numerous agricultural products exported around the world, and rising agricultural output and investment from overseas kept GDP growth at 4.6% in quarters 1-3 last year. With its well-developed social and physical infrastructure, Kenya is considered to be the main alternative location to South Africa for businesses seeking entry into Africa.
According to Export Britain, the best opportunity for UK companies to expand into East Africa comes through Kenya, and many of these trade opportunities largely exist in the country’s tourism, banking, telecommunications, wholesale, and retail sectors, as well as business process outsourcing.
With a bilateral trade total in excess of £1.3 billion, the UK stands as one of Kenya’s key overseas trade partners. The UK imports 8.5 % of Kenyan produce while 3.4% of British goods are imported into Kenya. According to the Ministry of Foreign Affairs, Britain and Kenya will move to increase trade and investment between the two countries.
The Department for International Trade say that UK trade opportunities come in the form of energy, infrastructure, defence, education, and financial services sectors.