Market Opportunity Overview: Kenya

According to the DIT, Kenya is a relatively mature market economy and a regional financial hub, with strong links to the UK. It boasts a well-educated, English-speaking and productive labour force. UK firms say staff retention rates are high. However, relative to its maturity, Kenya ranks relatively poorly on Transparency International’s Ease Of Doing Business index as a result of the challenges that remain with issues of bribery and corruption.

After a sustained period of mid-single digit economic growth from 2015 to 2019, Kenya’s economy was hit hard by COVID-19.. It disrupted international trade and transport, tourism, and urban services activity, in particular. Fortunately, the agricultural sector, a cornerstone of the economy, remained resilient, helping to limit the contraction in GDP to only 0.3%. In 2021, the economy staged a strong recovery, although some sectors, such as tourism, remained under pressure. GDP growth is projected at 5.0%. Although the economic outlook is broadly positive, it is subject to elevated uncertainty, including through Kenya’s exposure (as a net fuel, wheat, and fertilizer importer) to the global price impacts of the Russian invasion of Ukraine.  

During this briefing, we will explore:

• The geo-political context
• The implications of the regime change
• Ease of doing business in Kenya
• Specific opportunity areas for UK businesses – including Infrastructure, Education, Healthcare and Climate Change
• Practical examples of projects conducted successfully between the UK and Kenya

In addition, we will provide time for members to engage with and ask questions about specific opportunity areas, together with networking time as the event concludes.