BRI provides Kenya with win-win investment opportunities
2019-05-14 10:22:26 china.org.cn
With the current unstable trends in the global market, Kenya remains optimistic in its exploration of various business opportunities in China in a bid to boost its GDP.
With the current unstable trends in the global market, Kenya remains optimistic in its exploration of various business opportunities in China in a bid to boost its GDP. Kenya projects growth of about US$150 billion by 2024 against the current growth rate, which stands at US$79.21 billion.
Most economists have advised the country to pay close attention to its transport network, which will help Kenya realize its "Vision 2030" to become a middle-income economy through improving agriculture, manufacturing and tourism. Modern infrastructure projects like roads, ports and railways financed by China have injected vitality into the country's major transformation project.
As the country prepares its budget for the 2019/2020 fiscal year, which will be read in early June, one fact has emerged – the Belt and Road Initiative (BRI) through the construction of the 478km Mombasa-Nairobi standard gauge railway remains the key determinant of Kenya's economic growth as well as the economic game changer of the entire East Africa.
As a journalist who bears the responsibility of informing the society, I can attest to the fact that Kenya's economy will continue to thrive with its steady commitment to implementing the visions of the BRI. At the same time, the BRI will also continue to unlock different business and job opportunities for the youth. In essence, Kenya will be building a community for the shared future for mankind, which is a key objective of the BRI.
A year after it first started full operations in January 2018, the freight services along the Chinese built railway generated nearly US$86.32 million (KSh8.72 billion under) for the whole year, according to data from the Kenya National Bureau of Statistics (KNBS).
The data also shows that the operator, the China Communications Construction Company, sold slightly more than 1.66 million tickets, earning about US$15.8 million (KSh1.61 billion) in revenue that year.
At the same time, due to closer Sino-Kenya ties, the banking sector in Kenya has started to explore the Chinese market. The Kenya Commercial Bank (KCB), a regional financial institution, plans to open a representative office in China next month to lower the cost of Sino-Africa trade, according to Lawrence Kimathi, KCB Group chief finance officer.