Hailed as one of the most investment-friendly countries in Africa, Kenya benefits from a well-diversified economy, strong regulatory framework and relative social and political stability. Since gaining independence in 1963, Kenya has made great strides in establishing itself as a strong economic player with the development of sophisticated telecommunications infrastructure, a robust financial sector and thriving aviation and agricultural industries. More recently, due to government economic diversification initiatives and fruitful exploration activities, Kenya is looking to enter into the regional oil, gas and petrochemicals market, with commercial production activities slated to commence in the near-term.
Agriculture remains the main productive sector in Kenya, contributing around 30% to the country’s GDP annually. Other important economic sectors include tourism, financice, information technology, and the production of small-scale consumer goods, including plastic, batteries, and textiles. Kenya’s economy is bolstered by a large, educated workforce and growing entrepreneurial middle class. In recent years the country has witnessed strong GDP growth, averaging 5% annually over the past decade. However, Kenya’s attractiveness as a destination for foreign investment continues to be hampered by issues related to weak governance and bureaucratic corruption.