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Kenya Looks To The East for Investment And Business Opportunities

Kenya Looks To The East for Investment And Business Opportunities

Kenya is reaching out to the East to increase business ties and opportunities. Kenyan President Uhuru Kenyatta announed he plans to spur investment in the country’s burgeoning oil and mineral industries and to secure funds for infrastructure development during his first official visit to Russia and China, reports Business News Daily.

Kenya aims to increas ties with the two countries, which are part of the emerging market Brics group along with Brazil, India and South Africa. As a Kenyan government statement said,  as it sought “to grow new markets that focus on the East.”

Kenyatta, who the International Criminal Court (ICC) in the Hague has indicted, has only traveled outside of Africa on one other trip, to the UK for a conference on Somalia.

“Kenyatta’s government is keen on attracting more foreign direct investment,” Robert Bunyi, MD of Nairobi-based Mavuno Capital, said. “They believe that will happen if they work on reducing the cost of doing business, particularly of (that of) power and improving transport.

Kenya expects to leverage its natural resources to boost economic growth, which is now mostly reliant on exports of tea, coffee and horticulture as well as tourism. “The country’s first crude deposits, which have been discovered since last year, may enter initial production as early as next year,” reports Business News Daily.

Kenya’s main trading partners in 2012, were India, the European Union, China, the United Arab Emirates and Saudi Arabia.