Kenya, a place of wonders, has undergone some serious political, structural, and economic reforms that helped the country drive sustained economic growth, social and political developments over the past decade.
With a whopping increase of 5.7% in the average economic growth in 2019, Kenya has become one of the fastest-growing economies in Sub-Saharan Africa. The sturdy macroeconomic environment, positive investor confidence, and a robust service sector are the reasons behind this economic growth. Getting the COVID-19 situation under control will also result in a financial growth increase.
Here are a few more reasons to start your business in Kenya:
1. Geographical Location
The perfect geographical location of Kenya makes it an essential and reliable logistical hub in East Africa. Having access to critical shipping lanes joining it to Europe and Asia and serving as the regional financial hub (where more than 70% of Kenyans have financial services accessible, the highest among other countries in the region) makes Kenya a very suitable place to start your business.
2. Diversified Economy
Sturdy growth in Kenyan horticulture, financial, ICT, transportation, and tourist industries, have made Kenya an economically diversified country. This diversification has made Kenya a central hub for many industries, providing countless opportunities to develop innovative possibilities in different sectors. The ICT sector alone has increased to $500 million. With such favorable conditions, the land will thrive with a new business.
3. Monetary Union
Kenyan marketplace, along with Rwanda, Uganda, Burundi, and Tanzania, hosts 150 million people in it. This makes the country an impressive marketplace in the East African Community with a monetary union expected to slowly unfold over the next ten years. The monetary union has been said to expand the economy gradually.
With such substantial shreds of evidence supporting Kenya, it’s safe to say opening a business there will grow and expand over time.