Foreign Affairs Cabinet Secretary Amina Mohamed has urged investors in the Gulf region to venture into the Kenyan market and take advantage of existing and emerging opportunities.
Speaking at the Country Focus Briefing on Kenya in Dubai, United Arab Emirates(UAE), Mohamed said the government is actively seeking to partner with investors in the quest for national development.
The appeal to investors in Dubai to invest in Kenya is part of an aggressive drive by the Cabinet Secretary to position Kenya as the preferred destination for investors and as the gateway to Africa for foreign investors.
“We are actively seeking to partner with investors in order to increase the level of investments in Kenya. Increased investments in the country will generate wealth and employment which are critical to growing the economy and uplifting the living standards of our people,” said Mohamed.
She assured the investors that Kenya is the economic hub of the East and Central Africa region which has been rated among the most attractive investment destinations in the world.
“The Fortune Magazine recently rated Kenya as the 7th best investment destination in the world. The latest Sovereign Rating by Fitch and Standard rating agencies placed Kenya at B+ with a stable outlook,” said Mohamed.
She noted that the country achieved lower middle income status after the rebasing of real GDP figures in 2012 and is now the 9th largest African economy.
“The country has the most developed stock market in the region with a market capitalization of US$ 2,333 billion (Sh213.7 billion). It was the 2nd best performer in the MSCI frontier stock market index for 2013, behind United Arab Emirates,” said the Cabinet Secretary.
The briefing is a quarterly event organised by the Dubai Chamber of Commerce and Industry (DCCI) and aims to provide a platform for the selected country to showcase its investments and business opportunities to the business leaders of the Gulf region in Dubai, UAE.
The Country Focus Briefing on Kenya, attended by over 100 investors, was organized jointly by the DCCI and the Kenya Embassy in Dubai.