Kenya's economic growth could be highest in sub Sahara Africa - World Bank
Kenya’s economic growth could be the highest in sub Saharan Africa over the next 15 years according to a new World Bank report.
The Bank’s half yearly Pulse report on the African economy said that Kenya’s growth should remain “robust” at around 6.2 per cent until 2030, well above that of many other African economies who will suffer from China’s economic slowdown and restructuring away from foreign investment and towards domestic consumption.
In the shorter term, neighbours Tanzania and Rwanda are set to see even higher growth at over seven per cent of GDP along with Cote d’Ivoire, Ethiopia and Mozambique over the next three years, spurred by investments in energy and transport, consumer spending and investment in the natural resources sector.
KENYA TARGETS JAPANESE MARKETS
East Africa’s economic powerhouse Kenya is aiming to increase its influence in the Japanese markets, this is according to KenInvest’s Moses Ikiara.
Estimates suggest that trade between Kenya and Japan was above 1.5 billion US dollars in 2014. Experts lament trade imbalance between the two economies.
KenInvest’s managing director Moses Ikiara told CNBC Africa that the mooted direct flights between Japan and Kenya would see the volume of trade improving.
Australia to focus on investment in Africa, rather than aid
Rather than focusing on economic aid to African nations, the Australian government’s focus would be on encouraging the private sector to invest in the region, specifically the mining region, Foreign Affairs Minister Julie Bishop said. Speaking on the last day of the Africa Downunder conference, Bishop noted that the Australian government had been working hard to strengthen trade and business investment partnerships with Africa. Australia’s trade with Africa was worth A$10-billion in 2014, up from A$7-billion in 2009, with Bishop noting that the mining industry was at the forefront of this charge. “Africa is home to 30% of the world’s mineral resources and mining companies have been scaling up their investment in Africa for many years now.
Kenya eyes Sh200bn in foreign investment
Kenya projects a doubling of foreign direct investment this year to over Sh200 billion on the back of renewed investor interest and confidence in the country.
Speaking at the Kenya-Japan investment forum in Nairobi, Kenya Investment Authority (KIA) Managing Director Moses Ikiara, said the improving business environment coupled with recent and planned high profile investment forums continue to attract investors.
“The FDI is growing very strongly. This year, we expect FDI inflows to grow by more than 100 per cent because of an improved business environment,” he said.
