Economy
Kenya is the gateway to East Africa and serves as the regions commercial hub serving up to 7 landlocked neighbours in Eastern and Central Africa, including the newly independent south Sudan. Kenya’s capital, Nairobi, is at the ‘heart of Africa’ and is only four hours away from most destinations across the entire continent. The Jomo Kenyatta International Airport is the transit hub for Africa while Kenya Airways the national carrier connects Africa to 52 destinations around the globe and was voted Africa’s leading Airline by the World Travel Awards.
In its effort to improve her status in the region Kenya has embarked on an ambitious plan to improve her profile further as the gateway to East Africa. The government recently launched the largest infrastructural project in Africa-the Lamu Port, and Ethiopia Transport Corridor (LAPSSET), at an estimated cost of USD 24 billion. This project is expected among others to culminate in new sea port in Lamu, a crude oil pipeline, highways, an airport and a railway lines across northern Kenya to link South Sudan and Ethiopia.
Kenya has also established herself as the commercial and business hub for the region. ICT connectivity was greatly enhanced by three undersea fibre optic cables providing vital links to the rest of the world.On the other hand mobile telephony has experienced unprecedented growth with nearly 30 million Kenyans now using cell phones representing 74% penetration.
Kenya prides herself as a great innovator pioneering in the world acclaimed mobile money transfer system known as ‘MPESA’ . There are 19 million subscribers of this mobile money transfer which is over 40% of the adult population. Mpesa users transfer over US $ 320 Million per month which is more than western union transacts in one year. In addition to this Airtel Africa and Standard Chartered Bank in collaboration with master card have rolled out the world’s first virtual payment card on a mobile phone in Kenya. Kenya is the first market in the world to make this type of payment solution available to the public.
The recent discovery of oil in Northern Kenya is the latest pointer to a more stable economy and will greatly improve the Country’s competitiveness within the region and globally.
The strategic location of the country as well as her well-developed infrastructure makes it a natural choice for investors and many international firms. The Government has enacted several regulatory reforms to simplify both foreign and local investment. An increasingly significant portion of Kenya’s foreign inflows is from remittances by non-resident Kenyans working in the US, Middle East, Europe and Asia.
The economy experienced considerable growth in the past few years, driven by several key factors among them: a reasonably well-educated labour force, a vital port that serves as an entry point for goods destined for countries in the East African and Central Africa interior, abundant wildlife and long attractive coastline and above all, a government that is committed to implementing business reforms.
In its effort to improve her status in the region Kenya has embarked on an ambitious plan to improve her profile further as the gateway to East Africa. The government recently launched the largest infrastructural project in Africa-the Lamu Port, and Ethiopia Transport Corridor (LAPSSET), at an estimated cost of USD 24 billion. This project is expected among others to culminate in new sea port in Lamu, a crude oil pipeline, highways, an airport and a railway lines across northern Kenya to link South Sudan and Ethiopia.
Kenya has also established herself as the commercial and business hub for the region. ICT connectivity was greatly enhanced by three undersea fibre optic cables providing vital links to the rest of the world.On the other hand mobile telephony has experienced unprecedented growth with nearly 30 million Kenyans now using cell phones representing 74% penetration.
Kenya prides herself as a great innovator pioneering in the world acclaimed mobile money transfer system known as ‘MPESA’ . There are 19 million subscribers of this mobile money transfer which is over 40% of the adult population. Mpesa users transfer over US $ 320 Million per month which is more than western union transacts in one year. In addition to this Airtel Africa and Standard Chartered Bank in collaboration with master card have rolled out the world’s first virtual payment card on a mobile phone in Kenya. Kenya is the first market in the world to make this type of payment solution available to the public.
The recent discovery of oil in Northern Kenya is the latest pointer to a more stable economy and will greatly improve the Country’s competitiveness within the region and globally.
The strategic location of the country as well as her well-developed infrastructure makes it a natural choice for investors and many international firms. The Government has enacted several regulatory reforms to simplify both foreign and local investment. An increasingly significant portion of Kenya’s foreign inflows is from remittances by non-resident Kenyans working in the US, Middle East, Europe and Asia.
The economy experienced considerable growth in the past few years, driven by several key factors among them: a reasonably well-educated labour force, a vital port that serves as an entry point for goods destined for countries in the East African and Central Africa interior, abundant wildlife and long attractive coastline and above all, a government that is committed to implementing business reforms.