Kenya
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One of Sub-Saharan Africa’s Most Diversified Economies
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| Political stability and a pragmatic economic approach by Kenya’s government have given Kenya one of the most diversified economies in sub-Saharan Africa. |
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Titus G. Ruhiu
Chief Executive - Chamber of Commerce
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The capital and largest city, Nairobi, is East Africa’s main commercial hub, and financial services there are continually improving. The government’s initiatives to attract foreign investment are bearing fruit, and Kenya continues to focus on fiscal and market reforms, as well as on curbing corruption and making the infrastructure upgrades the country needs to further develop its economy.
Kenya's traditionally agrarian economy still depends largely on agriculture, which accounts for over one third of GDP. Key export crops are coffee, tea, tobacco, cotton, sisal, pyrethrum, and cashew nuts. Small-scale manufacturing, known as Jua Kali, is prevalent throughout the country and supported by innovative assistance programs developed by the government and by international institutions.
The country’s industrial sector has grown steadily over the years, however, and is remarkably diversified by African standards. Top exports are refined petroleum products and cement, but Kenya also produces processed foods, beverages, tobacco, chemical products, and metal goods. In addition, pharmaceuticals, textiles and motor-vehicle assembly have been seeing steady growth.
Given Kenya’s great natural beauty and wealth of plant and animal life, the country’s tourism sector is one of its most promising and accounts for the largest share of the country’s foreign-exchange earnings. The government’s early support of tourism and related activities, including animal conservation and eco-tourism, has made Kenya East Africa’s regional tourism leader and a model for its neighbors.
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| For US investors interested in exploring opportunities in Kenya, the Kenya National Chamber of Commerce and Industry can serve as an essential local partner. Titus G. Ruhiu, Chief Executive, explains that the Chamber, Kenya’s only chamber of commerce, now has 15,000 members and serves all types of public and private-sector enterprises, large and small. He says, “We assist all Kenyan businesses to promote trade and help them grow their companies. We assess the international market and local market in order to find new and interesting business opportunities for our members. We like to think of ourselves as the focal point for missions abroad, and we are helping to privatize the parastatals.” He cites tea production and horticulture as potential sources of new exports to the US, and adds, “American investors can do what they do best through providing the capital that can help develop the economy.” |
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