President Uhuru Kenyatta and Phyllis Kandie ,Cabinet Secretary for East African Affairs, Commerce and Tourism at the Kenya International Investment Conference
Kenya has assured foreign investors of ready market for their goods and services, thanks to the growing consumer market in the region brought about by growing population that now stand at Sh41.8 m with annual growth rate of 2.7 per cent. This is according to an investment report released by KenInvest at the inaugural Kenya International Investment Conference (KIICO) which was held at KICC.
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 two per cent 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, told investors that Kenya has thousands of professionals in every sector of the economy hence will not have to outsource personnel. He cited the latest New World Wealth report that shows that the luxury sector generated revenues of $200 m (Sh17.2 b) in Kenya from the sale of high end cars, fine dining, food stores, hotel and lodges as well as clothing and accessories.
A business Mogul Chris Kirubi, who has shares in at least every sector of economy in the country, urged investors to come and benefit from the year round market for all goods and services in the country. He added that Kenya is experiencing a rising trend in urbanization, an aspect that is contributing to an increase in demand for high value goods.
Mr. Kirubi also briefed investors about the country’s devolved system of governance that enable them access huge household markets directly especially in rural areas. He said that investors in food, agriculture, health care and education can tap in the virgin rural market easily via county governments.
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 KIICO, industrialization Cabinet Secretary Aden Mohammed told investors that Kenyans are socially dynamic and friendly hence should capture opportunities presented by the all time peaceful coexistence to set up business empires in the country. He lauded international cooperation in telecommunication, tourism, transport and building and construction for banking on the existing market opportunities in Kenya and set up their regional and continental offices in Nairobi.