Country seminar: Business Opportunities in the Republic of Kenya

On 26 March 2019, the Chamber of Commerce of the Grand Duchy of Luxembourg and the embassy of Kenya in Brussels will host a country seminar on the various business opportunities in the Republic of Kenya.

Why Kenya?
East Africa ranks as the fastest growing part of Sub-Saharan Africa, according to the UN’s World Economic Situation and Prospects 2019.

Kenya is the largest and most advanced economy in East and Central Africa. Its GDP accounts for more than 50 per cent of the region’s total and in terms of current market prices, its 2014 GDP stood at $58.1 billion.

The report said overall economic expansion in East Africa measured 6.2 percent in 2018 and is forecasted to accelerate to 6.4 percent (2019) and 6.5 percent in 2020. Kenya’s economy grew by nearly six percent in 2018 and will sustain that level in 2019 and 2020, according to the same report.

Kenya’s strong growth prospects are supported by an emerging middle class and an increasing appetite for high-value goods and services. The country’s investment climate is the strongest in the East African Community (EAC), with Foreign Direct Investments (FDI) flowing in from emerging and developed markets and a high volume of multinational companies with regional and continent-wide headquartered in the country. Given its position as the economic, commercial and logistical hub of East Africa, private equity capital is now flowing into Kenya.

Kenya has a relatively well developed infrastructures including four international airports, an extensive road and railway network, a modern deep sea port in Mombasa capable of handling bulk and other containerized cargo, an expanding, liberalized energy sector and digital telecommunication networks. Air freight operations (direct flights) are currently running between Luxembourg and Jomo Kenyatta international airport.

Key sectors for investment

Energy
Proven wind energy potential of as high as 346 W/m2 and speeds of over 6 m/s with an average annual insolation estimated at 4-6 KWh/m2/day. The government continues to promote energy production through Public-Private-Partnerships.

Infrastructure
Kenya is undertaking a massive upgrading and extension of the country’s infrastructure. The Kenyan government is actively seeking bids to improve and expand infrastructure networks, domestically and across East Africa to improve trade flows in the region.

Infrastructure development projects are expected to open up significant trade opportunities within East and Central Africa.  The Lamu Port and South Sudan Ethiopia Transport (LAPSSET) projects will open up a new corridor for increased trade opportunities with Kenya’s northern neighbors: South Sudan and Ethiopia.

ICT
Kenya has become the global technology hub of choice when it comes to attracting the strategic business activities of ICT companies in emerging markets. Kenya is the regional leader in ICT in East and Central Africa and considered as one of three top innovation hubs in sub-Saharan Africa.

Manufacturing
Manufacturing is a key sector in Kenya’s economic development and key targets have been set to steer industrial growth. These include the development of Special Economic Zones, industrial parks and clusters. There are a wide range of direct and joint investment opportunities in this sector, including agro-processing, garments, assembly of automotive components and electronics, plastics, paper, chemicals, pharmaceuticals, metals and engineering products for domestic and export markets.

In you wish to participate, you are kindly requested to duly complete the registration form before 22 March 2019.

For further information about this seminar, please contact Thomas Bertrand (tel: 42 39 39 – 337; africa@cc.lu).