Kenya - Country Information
Kenya is strategically located in the heart of East Africa, both geographically and politically. The country serves as the region's transportation, communications and financial hub, and is home to the regional headquarters of major international banks and companies. The city of Mombasa is one of the most important ports in the Indian Ocean seaboard while Nairobi, the capital, serves as East Africa’s diplomatic and business centre. As the gateway to East Africa, Kenya is the main beneficiary of key investment projects and strong growth prospects in the region.
Agriculture is the main economic sector, accounting for about a third of GDP, but the Kenyan government has recognised the importance of diversification and is committed to market-based economic reforms. The development of other sectors such as telecommunications, tourism and construction bodes well for resilient growth in the future and makes Kenya less vulnerable to fluctuations in commodity prices.
Strong ICT sector
The government has been making a major ICT push, branding Kenya as the 'Silicon Savannah'. With support from the World Bank through the Kenya Transparency and Communications Infrastructure Project, Kenya’s ICT sector has grown to become a major driver of economic growth. The sector has been steadily growing over the past decade and is projected to achieve a growth rate of 20% and contribute 8% to GDP by the end of 2017.
Venture to Kenya
Kenya is East Africa’s regional trade and finance hub and the undisputed gateway to the region. The country has one of Africa’s most developed financial services infrastructure, with many MNCs establishing their regional headquarters in Nairobi. The country is also well-connected to both the region and international hubs. Nairobi is the transportation hub of Eastern and Central Africa, while the Port of Mombasa supplies the shipping needs of more than a dozen countries.
Economic growth has recovered since the global downturn of 2008, reaching 5.8% in 20161 and being expected to range from 5-6% in the next few years. Kenya continues to boast healthy foreign currency reserves, sustainable levels of debt, exchange rate stability and controlled inflation.
1: World Bank