Oxford Business Group’s The Report: Kenya 2016 reveals Kenya’s continuing economic strength
- The report highlights opportunities for investors in key growth sectors including financial services, power and agriculture
- Report findings unveiled today during Kenya International Investment Conference 2015
New Delhi, November 26, 2015: Kenya has been unveiled as East Africa’s largest economy, according to a report presented to Deputy President William Ruto at the opening of the second edition of the Kenya International Investment Conference (KIICO).
The Report: Kenya 2016 , produced by the Oxford Business Group (OBG), reveals that Kenya’s economic outlook for the years ahead looks robust, despite recent challenges such as a trade deficit and rising debt.
Following 2014’s GDP rebasing, the country is now East Africa’s largest economy and boasts a prominent profile in the East African Community (EAC). According to official forecasts, Kenya is set to outperform key economic indicators, with GDP growth expected to be around 6.5 – 7 percent in 2015 and to continue at a similar level for the coming years. This follows on from growth of 5.3 percent in 2014 and 5.7 percent in 2013.
Reforms to the country’s business environment, recent resource finds, greater regional integration, devolution and the impact of the 2014 rebasing exercise are amongst the key topics attributing to Kenya’s growth momentum, according to The Report: Kenya 2016 . Such developments have also gained the recognition of the World Bank, which ranked Kenya as the third most reformed country in its global Ease of Doing Business 2015 report.
Speaking from KIICO 2015, Phyllis Kandie, Cabinet Secretary of the Ministry of East African Affairs, Commerce & Tourism, said:
“As a nation, we are focused on evolving our business environment to match the speed and scale of global investor interest, as more firms cast their gaze to Kenya for growth. Kenya’s robust economic fundamentals and the enactment of strategic reforms to facilitate global investment have positioned Kenya on a path to maintaining its lead as a model investment destination, and now, East Africa’s largest economy.”
Hundreds of business and government leaders are attending this week’s conference, which took place in Nairobi. Other keynote speakers included the Cabinet Secretary at Kenya’s National Treasury, Henry Rotich; and the Principal Secretary at Kenya’s State Department of Commerce and Tourism, Ibrahim Mohammed.
The Report: Kenya 2016 contains in-depth interviews with leading representatives, including President Kenyatta, the Secretary-General of the East African Community (EAC) Richard Sezibera and the EU Trade Commissioner Cecilia Malmström, together with a detailed, sector-by-sector guide for investors. The President of the US Barack Obama also gives his views on Kenya’s economic development.
OBG’s CEO and Editor-in-Chief Andrew Jeffreys said that while China’s slowdown, the strengthening of the US economy and low oil prices had combined to make 2015 a difficult year for African markets, Kenya had fared better in a comparative sense than many of its continental counterparts, as the Group’s new report showed.
“Kenya has certainly not been immune to these troubles. However, investors will note that even allowing for downward revisions of growth to between 5.5% and 6% in 2015, the country has maintained stable economic expansion since 2011,” he said. “This significant achievement, which has been supported by Kenya’s devolution efforts, improved business climate and its status as an established trade hub, is perhaps one of the strongest arguments in Kenya’s favour.”
Robert Tashima, OBG’s Managing Editor for Africa, added that while the Group’s 2016 report had highlighted across-the-board opportunities for investors, key sectors, such as by financial services, power and agriculture, stood out as ripe for growth on the back of planned projects requiring private sector input.
“It goes without saying that realising the investment opportunities in these fields – and in other promising sectors, like real estate and transport – means grappling with broader structural challenges,” he said. “But Kenya is making a very clear, concerted effort to create a more business-friendly environment and to listen to the needs of the private sector.
The Report: Kenya 2016 marks the culmination of months of field research by a team of analysts from Oxford Business Group. The publication assesses trends and developments across the economy, including macroeconomics, infrastructure, banking and other sectoral developments.
The conference is hosted in partnership with US AID East African Trade and Investment Hub funded by the US Agency for International Development (the Hub); International Finance Corporation; Oxford Business Group; Kenya Private Sector Alliance (KEPSA); Kenya National Chamber of Commerce & Industry, and Kenya Vision 2030. Key sponsors include the Hub, Visa Card, TransCentury, Kenya Airways and Sarova Hotels. The event brings together business leaders, local and international investors, and entrepreneurs to share, discuss and bolster investment opportunities in Kenya.
Corporate Comm India(CCI Newswire)
