According to a World Bank report, Kenya’s economy grew at a 5.7% annual rate from 2015 to 2019, making it one of the fastest-growing economies in sub-Saharan Africa. While a couple of factors influenced this growth, the most critical has been high investor confidence. In a recent survey by Japan External Trade Organization (JETRO), it was revealed that Kenya is now the most attractive destination for Japanese firms looking to make new investments in Africa, beating the continent’s larger economies like South Africa and Nigeria. Considering the number of Japanese firms currently in Kenya’s automotive, and finance sector, there is a high probability of a stronger Kenya-Japan relationship in the nearest future. Also, Kenya’s position as the economic hub of East Africa, with many emerging start-up companies offering the big potential for collaboration influenced the survey. With the country’s dependence on car imports up to $593 million, the government intends to attract more investment by replacing the market share of used vehicles and used parts with new products manufactured or assembled in Kenya, leaving this space open for more investments in the country.
SOURCE: VENTURES AFRICA
More Stories
African and Global Firms Contribute towards Harris’ Empowerment Fund
The Main Winners in Nigeria’s Botched Currency Overhaul are Two Chinese-owned Fintech Apps
The Growing Opportunities that African Pharmaceuticals Present
Africa’s Extraction and Export of Raw Materials is Rising
Accra’s Plan on a Debt-free Life
Mauto is Preparing Benin—and Africa—for an e-bike Ride
Rwanda’s Long History of Mining
Disease Stops Trade in East Africa’s Border Towns
A Marketplace for Medical Equipment in Addis
South African Rate Hike Exceeds All Expectations
At the Coalface of the Green Revolution, but Earning Crumbs
Harris Stresses that U.S. Interests in African Nations Extends beyond Competing with China