Improved Business for a Better Economy

The biggest challenge Kenya is facing today is how to generate economic growth that is more inclusive and more effective in reducing poverty across the country. There is need to strengthen the private sector as the main engine of economic growth and to make this growth more inclusive than it has been, by generating employment opportunities, especially for the youth.

To achieve this, it is necessary to improve the private sector by establishing   a conducive business environment, while enhancing the skills of Kenya’s workforce to respond to the demands of the emerging labor market of a transforming economy.

Kenya has the largest economy in East Africa, and   potential to further capitalize on regional markets and strengthen its position as the region’s economic powerhouse. Additionally, the recent discoveries on oil, gas and coal represents a great opportunity for Kenya’s overall development, which may improve to middle-income country status.

Kenya has now implemented a devolved system of governance, instituted by the 2010 Constitution and rolled out in March 2013. Devolution offers an opportunity to reach out to the people and promote balanced socio-economic development across the country and with the second five-year Medium Term Plan (MTP II  2013-17) to implement ‘Vision 2030’, Kenya will transform into a new enterprising, middle-income country by 2030.

The decentralized government structure is expected to improve Kenya’s governance indicators over the medium-term, provided that the judiciary is fully independent and the Government of Kenya increases efforts to fight corruption & stabilize security.

Despite Kenya’s challenging business environment, it is   considered   a   promising   place   to   do   business,   with   growing   markets   and   great opportunities.