Kenya presents greatest growth potential

Kenya, with its “Vision 2030”
programme that aims to
transform itself into a “newly
industrialising, middleincome”
country, presents the
greatest growth potential for
SA businesses, in the view of
Standard Bank’s Dr Manessah
Alagbaoso.
“The country boasts a wellestablished
and skilled labour
force, globally competitive
education, a stable macroeconomic
environment and a
diversified economy that is not
reliant on one sector. Improved
governance and responsive
regulatory measures also make
Kenya attractive to investors,”
Alagbaoso said.
Untapped potential included
Kenya’s power projects and
its forecast 27.6% population
growth, which was encouraging
for the retail and FMCG
sectors, he said. Tanzania’s
production of natural gas and
Uganda’s favourable trading
policies, with no restrictions
on foreign investment
and ownership, offered
opportunities in mineral
extraction and technology,
while Ethiopia’s infrastructure
drive and growth also
presented opportunities, he
said.
“These opportunities are
being realised currently by
businesses in Asia, Europe,
Americas and some South
African businesses that
would do well to participate.
The challenges that do exist
are being addressed across the
region,” he said.
Challenges were linked
to bureaucratic government
processes, the slow pace of
infrastructure upgrades,
and security and terrorism
threats but he said these were
no different from challenges
elsewhere in the world.
Alagbaoso said he was
confident the region would
see continued growth in
2016 within a streamlined
regional approach that
would strengthen its global
competitiveness, diversification
and improve trade flows.