We held a Global Chamber® Nairobi - Dhaka meetup spotlighting members and new opportunities. We shared economic data and forecasts for Kenya. Visit our Global Chamber® Nairobi chapter page HERE.
The GDP per capita of Kenya is US$101.05 according to 2020 data, ranking 6th in Africa. The economy was projected to contract by 1% in 2020 but saw a 0.6% growth during the same period despite the negative impact of COVID-19 which continues to ravage most economies across the world.
It is projected that the economy of Kenya will grow at an estimated rate of 6.9% this year and 5.7% in 2020 (General election year).
The country rank changed two places from 4th to 6th position after Algeria and Morocco stepped up their economic activities in the 2019/20 period. This can be attributed to a number of external factors such as;
- COVID-19 – all sectors of the economy were negatively impacted, and continue to be
- Excessive external borrowing - exposing the economy to external shocks such as forex fluctuations
- Climate change - affecting the agricultural sector which is a major contributor to the economy
As an example, tourism and hospitality being one of single largest foreign earning contributor, lost an estimated 45% revenue loss over the period between March 2020 and January 2021
As per the last update in March 2021, Kenya exports to Bangladesh was US$7.84 Million during 2019, according to the United Nations COMTRADE database on international trade.
Kenya’s top 5 exports to Bangladesh in descending order; 2018 & 2019
- Raw hides & skins/ leather - $2.31m
- Inorganic chemical - $550.8K
- Coffee, tea & spices - $423.51K
- Machinery - $39.36K
- Cotton - $35.06K
Opportunities - Kenya
The current government is focused on promoting their economic blueprint, called "Big 4 Agenda" which draws from Kenya’s Vision 2030 – aimed at transforming the country into an industrialised, middle-income country by 2030.
The Big 4 agenda focuses on...
- Food security e.g., Galana Kulalu irrigation development scheme (10,000 acres)
- Manufacturing
- Affordable healthcare (UHC)
- Affordable housing (1% achieved thus far)
East Africa (East Africa Community – EAC): following the adoption in EAC industrialization Policy and Strategy in 2011
- Access to a population of 150m people
- Combined GDP size of US$148b
- Fastest reforming region in terms of business regulation e.g., a single permit to do business within the regional countries
- Highly qualified workforce
- Vibrant capital and securities market
- English as business language
If you're interested in knowing more detailed investment and business opportunities, contact us:
Emmanuel Maingi – Executive Director
Global Chamber® Kenya
Email: Emmanuel@globalchamber.org
Tel: +254 743 368853
Mobile: +254 737 000593
Ruqiah Mahmoud – Membership Engagement
Global Chamber® Kenya
Email: Ruqiah@globalchamber.org
Tel: +254 743 368853
Mobile: +254 701 052609
Maimun Mustafa – Executive Director
Global Chamber® Dhaka
Email: Maimun@globalchamber.org
Originally published at https://www.globalchamber.org/blog/2021/03/25/global-chamber/global-chamber-kenya-bangladesh-meetup-featured-new-opportunities/
