UK leading wave of investments to Kenya
from MARIA MACHARIA in Nairobi, Kenya
NAIROBI – LEADING firms from the United Kingdom have expressed interest in maintaining investments in Kenya, the UK High Commission said on Friday.
This follows Alderman Fiona Woolf, the Lord Mayor of the City of London and global ambassador for United Kingdom-based financial and business services, concluding her visit to the East African country.
Woolf, only the second woman to hold the role since 1189, met President
Uhuru Kenyatta and a number of Cabinet Secretaries including Amina
Mohammed (Foreign Affairs) and Henry Rotich (National Treasury) as well as leading figures from across the political and business landscape to
discuss opportunities for UK investment in Kenya.
A trade delegation of around 25 leading UK businesses seeking to do new
business in Kenya accompanied her.
According to a statement made available to CAJ News following the tour, UK firms have long history of success in the traditional Kenyan sectors of
agriculture, food, drink and more recently, telecoms.
The two largest private sector employers in Kenya are UK companies, as are five of the top ten taxpayers.
“UK firms are now leading a ‘new wave’ of investment in Kenya across key
enabling sectors such as financial services, energy, education and
aviation, which will drive the whole Kenyan economy towards delivery of
Vision 2030,” read the statement.
According to the British High Commission in Nairobi, the Lord Mayor’s
visit served to spearhead this new wave of investment, delivering an
initial phase of deals worth over £100m (Ksh15 billion).
In Financial Services, where the UK is helping Kenya insure against risk
and raise the funds for big infrastructure projects, the visit delivered over Ksh7.5 billion in new business across the sector, including significant investment from Prudential Plc and Price Waterhouse Cooper (PWC).
The Energy sector, powering Kenyan economic industry and growth, saw an additional Ksh7,3 billion investments by UK companies in Geothermal,
Solar, Biogas and Wind within Kenya.
Significant new announcements were also made in the sectors of Education, Skills and Training, and Aviation.
“This new investment underpins a modern, vibrant relationship which is
delivering for both countries as the UK and Kenya work towards our shared
goal of a more prosperous and secure nation,” the High commission stated.
Meanwhile, Woolf took part in a “Women in Business” panel discussion,
chaired by leading TV anchor Julie Gichuru and attended by Anne Waiguru,
Cabinet Secretary for Devolution and Planning.
Other events included a Legal Services breakfast sponsored by Law firm Hamilton, Harrison & Mathews; a business lunch hosted by The National Treasury; and a roundtable event centred upon Capital Markets Development.
– CAJ News
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