Kenya has a ready market for goods and services produced by foreign investors, a report released by KenInvest at the inaugural Kenya International Investment Conference shows. The report banks on the growing consumer market pushed by a 42 million strong population to spur more foreign investments in the country.
This, coupled with the growing middle-class that has a taste for high-end goods and services as evidenced by the country’s growth in Gross National Income (GNI) per capita which has been increasing at a Compound Annual Growth Rate (CAGR) of 2% over the past 10 years, continue to attract international companies which have set up regional offices in the country.
While addressing investors, Prof Githuro Wainaina, Chairperson Vision 2030 Delivery Secretariat, said Kenya has thousands of professionals in every sector of the economy hence will not have to outsource personnel. He added luxury brands are lining up to have a piece of the wealth in Kenya, which has the fourth largest population of high net worth individuals in Africa. He cited the latest New World Wealth report that shows that the luxury sector generated revenues of $200 m (Sh17.2 billion) in Kenya from the sale of high- end cars, fine dining, food stores, hotel and lodges as well as clothing and accessories.
Business Mogul Chris Kirubi urged investors to come and benefit from the year- round market for all goods and services in the country.
He explained that although Kenya’s population is second to Tanzania in the region, aggressive economic activities championed by the hardworking population has made Kenya, a dominant economy in East Africa Community, a contributor to more than 40% of the region’s Gross Domestic Product.
Mr Kirubi also briefed investors about the country’s devolved system of governance that will enable them access huge household markets directly especially in rural areas.
According to Kenya Economic Survey Indictor 2014 report, at least 70% of the country’s population is concentrated in rural areas.
The number of Kenyans classified as middle class has doubled in the last decade to almost a fifth of the population or 6.5 million Kenyans, data from the African Development Bank (AfDB) shows. This means that one out of every five Kenyans is considered middle class — a status mostly defined by tertiary educated persons holding salaried jobs or owning small businesses, urban residency and ownership of household goods such as refrigerators, phones, flat screen TVs and automobiles.
Speaking during the opening ceremony of the ceremony, industrialisation Cabinet Secretary Aden Mohammed lauded international cooperation in telecommunication, tourism, transport and building and construction for banking on the existing market opportunities in Kenya and setting up their regional and continental offices in Nairobi.
